GBP/USD intraday technical analysis and trading recommendations for April 2, 2013
April 2, 2013 2:15 pm
The GBP/USD pair failed to remain below 1.5155 leading its way towards the upper limit of the current consolidation range around 1.5250. Looking at 1.5250 which was visited yesterday, the GBP/USD pair expressed quite significant bearish price action which is manifested in the 4H shooting star candlestick followed by the bearish engulfing candlestick. The GBP/USD pair has a solid support level around 1.5150-1.5130 which corresponds to the lower limit of the depicted bullish channel and a previous consolidation range (1.5130-1.5070) depicted on the chart. Breakdown of the current support level will probably allow a quick movement towards the major support around 1.5070 where price action should be watched carefully. However, failing to fixate below 1.5150 will allow a bullish jump towards 1.5240 then 1.5330 to take place.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD pair failed to remain below 1.5155 leading its way towards the upper limit of the current consolidation range around 1.5250.
Looking at 1.5250 which was visited yesterday, the GBP/USD pair expressed quite significant bearish price action which is manifested in the 4H shooting star candlestick followed by the bearish engulfing candlestick.
The GBP/USD pair has a solid support level around 1.5150-1.5130 which corresponds to the lower limit of the depicted bullish channel and a previous consolidation range (1.5130-1.5070) depicted on the chart.
Breakdown of the current support level will probably allow a quick movement towards the major support around 1.5070 where price action should be watched carefully. However, failing to fixate below 1.5150 will allow a bullish jump towards 1.5240 then 1.5330 to take place.
The material has been provided by InstaForex Company – www.instaforex.com
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