GBP/USD bulls managed to establish a buttom above 1.4800 for July 12, 2013
July 12, 2013 2:35 pm
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020.
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180.
Now there is an established temporary buttom around 1.4825, we need to see how the pair would react towards the previous buttom around 1.5130-1.5180.
A quite significant bearish reaction was expressed around 1.5180 ( 61.8% Fibo ) which will probably push the pair initially towards 1.5000.
Price zone 1.5025-1.5050 (78% Fibonacci and upper limit of the descending channel ) should be watched as it may provide a valid buy entry with SL located just below 1.4940.
The material has been provided by InstaForex Company – www.instaforex.com
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020.
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180.
Now there is an established temporary buttom around 1.4825, we need to see how the pair would react towards the previous buttom around 1.5130-1.5180.
A quite significant bearish reaction was expressed around 1.5180 ( 61.8% Fibo ) which will probably push the pair initially towards 1.5000.
Price zone 1.5025-1.5050 (78% Fibonacci and upper limit of the descending channel ) should be watched as it may provide a valid buy entry with SL located just below 1.4940.
The material has been provided by InstaForex Company – www.instaforex.com
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