GBP/USD intraday technical analysis and trading recommendations for April 11, 2013
April 11, 2013 12:45 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 provided resistance for the pair during this week. However, today there is an ongoing trial of its breakthrough which probably opens the way for the pair to make another bullish swing within the ascending channel depicted on the charts. A breakthrough above 1.5360 cancels the bearish retracement scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level). The current view remains bullish as long as the pair continues to consolidate above 1.5345 – 1.5360. Otherwise, bearish retracement should be considered.
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 provided resistance for the pair during this week. However, today there is an ongoing trial of its breakthrough which probably opens the way for the pair to make another bullish swing within the ascending channel depicted on the charts.
A breakthrough above 1.5360 cancels the bearish retracement scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).
The current view remains bullish as long as the pair continues to consolidate above 1.5345 – 1.5360. Otherwise, bearish retracement should be considered.
The material has been provided by InstaForex Company – www.instaforex.com
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