GBP/USD intraday technical analysis and trading recommendations for June 19, 2013
June 19, 2013 4:00 pm
On the daily chart, we find that daily closure at 1.5409 (June 5) opened the way towards 1.5580, 1.5680, and 1.5750 (this week’s 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 1.5750.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (backside of the broken channel and upper limit of the depicted triangle on 4H chart).
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 yesterday we had a temporary breakdown of 1.5600-1.5580.
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
On the daily chart, we find that daily closure at 1.5409 (June 5) opened the way towards 1.5580, 1.5680, and 1.5750 (this week’s 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 1.5750.
The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (backside of the broken channel and upper limit of the depicted triangle on 4H chart).
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 yesterday we had a temporary breakdown of 1.5600-1.5580.
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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