GBP/USD intraday technical analysis and trading recommendations for April 10, 2013
April 10, 2013 2:15 pm
Looking at 1.5060 tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after. Looking at 4H chart, the high formed at 1.5345-1.5360 remains unbroken with a considerable probability that the pair may be forming a double-top pattern which becomes confirmed with breakdown of 1.5230. Otherwise, the long-term bullish scenario remains in control. A breakthrough above 1.5360 will cancel the retracement scenario, leading towards 1.5430 (the projection target of the range breakout).
The material has been provided by InstaForex Company – www.instaforex.com
Looking at 1.5060 tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after.
Looking at 4H chart, the high formed at 1.5345-1.5360 remains unbroken with a considerable probability that the pair may be forming a double-top pattern which becomes confirmed with breakdown of 1.5230. Otherwise, the long-term bullish scenario remains in control.
A breakthrough above 1.5360 will cancel the retracement scenario, leading towards 1.5430 (the projection target of the range breakout).
The material has been provided by InstaForex Company – www.instaforex.com
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