GBP/USD: Important levels and intraday technical view with trade recommendations for June 20, 2013
June 20, 2013 1:00 pm
The GBP/USD pair expressed quick decline towards 1.5450 after US dollar gained much strength affected by Federal Statement yesterday.
Technically, the pair reacted bearishly towards mentioned supply zone extending between 1.5680 and 1.5750 (61.8% Fibonacci) that leads to this decline towards 1.5420 (SMA 100). Due to this steep decline, we expect some recovery to take place at 1.5420 to collect further sellers before resuming bearish movement, this recovery may extend towards 1.5520-1.5580.
On the 4H chart, we find that the pair still has a lower target at 1.5375 (50% Fibonacci of the current ascending wave and previous top established on June 3).
Price action should be watched at 1.5375-1.5300 (demand zone between 50% – 61.8% Fibonacci) as it will probably provide a good BUY entry with minimal SL below 1.5270.
Breakdown of 1.5375-1.5300 invalidates the bullish scenario for the pair.
Trading recommendations: Buy the pair around 1.5375-1.5300 with target at 1.5570 and SELL around 1.5560-1.5580 with target around 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD pair expressed quick decline towards 1.5450 after US dollar gained much strength affected by Federal Statement yesterday.
Technically, the pair reacted bearishly towards mentioned supply zone extending between 1.5680 and 1.5750 (61.8% Fibonacci) that leads to this decline towards 1.5420 (SMA 100).
Due to this steep decline, we expect some recovery to take place at 1.5420 to collect further sellers before resuming bearish movement, this recovery may extend towards 1.5520-1.5580.
On the 4H chart, we find that the pair still has a lower target at 1.5375 (50% Fibonacci of the current ascending wave and previous top established on June 3).
Price action should be watched at 1.5375-1.5300 (demand zone between 50% – 61.8% Fibonacci) as it will probably provide a good BUY entry with minimal SL below 1.5270.
Breakdown of 1.5375-1.5300 invalidates the bullish scenario for the pair.
Trading recommendations:
Buy the pair around 1.5375-1.5300 with target at 1.5570 and SELL around 1.5560-1.5580 with target around 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: