GBP/USD intraday technical analysis and trading recommendations for April 8, 2013
April 8, 2013 3:15 pm
Looking at 1.5060 which was tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5230 which represents the upper limit of the depicted movement range. Today few hours ago, the GBP/USD pair challenged Friday’s high at 1.5362 failing to consolidate above. Instead, it is showing some bearish rejection which should be taken into consideration. Failing to breakthrough Friday’s high will probably lead the pair towards the most recent support level around 1.5230(the upper limit of the broken range) provided that the high at 1.5360 remains unbroken. Price Zone around 1.5230 should be watched for price action on the 4H chart in order to catch a BUY entry. However, breakthrough above 1.5360 will cancel the impending scenario towards 1.5230 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 which was tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5230 which represents the upper limit of the depicted movement range.
Today few hours ago, the GBP/USD pair challenged Friday’s high at 1.5362 failing to consolidate above. Instead, it is showing some bearish rejection which should be taken into consideration.
Failing to breakthrough Friday’s high will probably lead the pair towards the most recent support level around 1.5230(the upper limit of the broken range) provided that the high at 1.5360 remains unbroken.
Price Zone around 1.5230 should be watched for price action on the 4H chart in order to catch a BUY entry. However, breakthrough above 1.5360 will cancel the impending scenario towards 1.5230 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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