GBP/USD intraday technical analysis and trading recommendations for July 3, 2013
July 3, 2013 2:45 pm
On the 4H chart, the backside of the broken channel around rejected the pair twice at testing of price levels 1.5680 and 1.5750 respectively.
Sine then, strong bearish pressure has been applied that lead to the breakdown of 1.5600-1.5580 that took place last week.
This week, today in particular, 61.8% Fibonacci level depicted on the daily chart around 1.5130 expressed quite significant bullish price action that prevented further price fall, as expected. Yesterday, allowing for a valid BUY entry that’s running in profit now with SL located below 1.5100.
The previous 4H candlestick managed to close outside the depicted bearish channel, meaning that the pair is targetting at 1.5300 where profits should be taken initially.
The price level 1.5300-1.5360 stands as the next resistance which comes to meet the pair (the price zone between 50% & 61.8% Fibonacci levels ). The breakthrough above it opens the way for further bullish movement towards 1.5470 then 1.5540.
Consolidation with daily closure below 1.5130 invalidates the bullish scenario of the pair for the current time. Instead, this opens the way towards previous low at 1.5000 established on May 29.
The material has been provided by InstaForex Company – www.instaforex.com
On the 4H chart, the backside of the broken channel around rejected the pair twice at testing of price levels 1.5680 and 1.5750 respectively.
Sine then, strong bearish pressure has been applied that lead to the breakdown of 1.5600-1.5580 that took place last week.
This week, today in particular, 61.8% Fibonacci level depicted on the daily chart around 1.5130 expressed quite significant bullish price action that prevented further price fall, as expected. Yesterday, allowing for a valid BUY entry that’s running in profit now with SL located below 1.5100.
The previous 4H candlestick managed to close outside the depicted bearish channel, meaning that the pair is targetting at 1.5300 where profits should be taken initially.
The price level 1.5300-1.5360 stands as the next resistance which comes to meet the pair (the price zone between 50% & 61.8% Fibonacci levels ). The breakthrough above it opens the way for further bullish movement towards 1.5470 then 1.5540.
Consolidation with daily closure below 1.5130 invalidates the bullish scenario of the pair for the current time. Instead, this opens the way towards previous low at 1.5000 established on May 29.
The material has been provided by InstaForex Company – www.instaforex.com
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