GBP/USD intraday technical analysis and trading recommendations for June 14, 2013
June 14, 2013 3:15 pm
Last week, the GBP/USD pair closed at 1.5409. As expected, this opened the way towards 1.5580, 1.5680, and 1.5730.
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured last Thursday targeting 1.5590 then 1.5730 yesterday.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (last week’s high and backside of the broken channel).
Price Zone 1.5700-1.5730 may provide considerable resistance for the pair. Hence, price action should be watched then for signs of reversal.
Intraday support is placed around 1.5485, any bearish trial should overcome 1.5485 initially.
Around 1.5400-1.5380 area, price action should be watched carefully for good BUY entries. Another consolidation below 1.5380 invalidates the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
Last week, the GBP/USD pair closed at 1.5409. As expected, this opened the way towards 1.5580, 1.5680, and 1.5730.
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured last Thursday targeting 1.5590 then 1.5730 yesterday.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (last week’s high and backside of the broken channel).
Price Zone 1.5700-1.5730 may provide considerable resistance for the pair. Hence, price action should be watched then for signs of reversal.
Intraday support is placed around 1.5485, any bearish trial should overcome 1.5485 initially.
Around 1.5400-1.5380 area, price action should be watched carefully for good BUY entries. Another consolidation below 1.5380 invalidates the bullish scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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