GBP/USD intraday technical analysis and trading recommendations for August 7, 2013
August 7, 2013 2:45 pm
Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275 then 1.5400 corresponding to 61.8% Fibonacci level.
The bearish rebound took place beyond 1.5400 followed by confirmation of the double-bottom pattern with a projection target near 1.5100 where an ascending buttom was established on August 1.
Now there are two prominent established ascending bottoms around 1.4825 and 1.5100. Moreover, there’s a bullish breakout above 1.5400 taking place today which clears the way towards 1.5525 initially.
A valid BUY entry may be taken at retesting of 50% Fibonacci around 1.5270 with SL located below 1.5185. We need to see obvious closure of 4H above 1.5400 to remain bullish towards 1.5525 in the short-term prospect.
The material has been provided by InstaForex Company – www.instaforex.com
Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275 then 1.5400 corresponding to 61.8% Fibonacci level.
The bearish rebound took place beyond 1.5400 followed by confirmation of the double-bottom pattern with a projection target near 1.5100 where an ascending buttom was established on August 1.
Now there are two prominent established ascending bottoms around 1.4825 and 1.5100. Moreover, there’s a bullish breakout above 1.5400 taking place today which clears the way towards 1.5525 initially.
A valid BUY entry may be taken at retesting of 50% Fibonacci around 1.5270 with SL located below 1.5185. We need to see obvious closure of 4H above 1.5400 to remain bullish towards 1.5525 in the short-term prospect.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: