GBP/JPY technical levels and trading recommendations for August 27, 2013
August 27, 2013 4:15 pm
Overview
From the attached H4 chart, the price is closing below the support area of 152.85-152.15 after it moved out of the bullish channel. It gave a new opportunity for more bearish signals today. As shown, the price has already broken 152.15 and now is testing the support level of 151.00. Closing below this level again may give us more sell signals till the price tests the support level of 150.30. So we can consider our first target a few pips above this support level then 149.50, as the second level. But we should wait for breaking 150.00 and closing 4H below before making a decision. But the price’s closing above the support level of 150.00 cancels the bearish move scenario.
Resistance and support levels: R3 (153.45), R2 (152.85), R1 (152.15), S1 (151.00), S2 (150.30), S3 (149.50).
The material has been provided by InstaForex Company – www.instaforex.com
Overview
From the attached H4 chart, the price is closing below the support area of 152.85-152.15 after it moved out of the bullish channel. It gave a new opportunity for more bearish signals today. As shown, the price has already broken 152.15 and now is testing the support level of 151.00. Closing below this level again may give us more sell signals till the price tests the support level of 150.30. So we can consider our first target a few pips above this support level then 149.50, as the second level. But we should wait for breaking 150.00 and closing 4H below before making a decision. But the price’s closing above the support level of 150.00 cancels the bearish move scenario.
Resistance and support levels: R3 (153.45), R2 (152.85), R1 (152.15), S1 (151.00), S2 (150.30), S3 (149.50).
The material has been provided by InstaForex Company – www.instaforex.com
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