GBP/USD intraday technical analysis and trading recommendations for June 18, 2013
June 18, 2013 12:00 pm
Daily closure at 1.5409 opened the way towards 1.5580, 1.5680, and 1.5750 (yesterday’s recent high).
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured during last two weeks targeting 1.5590 then 1.5750 yesterday.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (former week high and backside of the broken channel).
Price Zone 1.5700-1.5730 is providing considerable resistance for the pair as expected. A non-typical hanging man daily candlestick was formed on Friday then today we had a breakdown of the depicted steep uptrend line.
Intraday support is placed around 1.5600 initially then at 1.5485, any bearish trial should overcome 1.5600 then 1.5485 respectively.
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
Daily closure at 1.5409 opened the way towards 1.5580, 1.5680, and 1.5750 (yesterday’s recent high).
On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured during last two weeks targeting 1.5590 then 1.5750 yesterday.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (former week high and backside of the broken channel).
Price Zone 1.5700-1.5730 is providing considerable resistance for the pair as expected. A non-typical hanging man daily candlestick was formed on Friday then today we had a breakdown of the depicted steep uptrend line.
Intraday support is placed around 1.5600 initially then at 1.5485, any bearish trial should overcome 1.5600 then 1.5485 respectively.
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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