GBP/USD intraday technical analysis and trading recommendations for June 24, 2013
June 24, 2013 1:00 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 (last week’s high).
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.
Bearish rejection and strong bearish pressure applied around 1.5700-1.5730 led to this quick obvious breakdown of 1.5600-1.5580 that took place on Wednesday.
Breakdown of 1.5600 opened the way directly towards 1.5380 previous support on the daily chart and 50% Fibonacci on the 4H chart.
Around 1.5380-1.5300 area, price action should be watched carefully for good BUY entries with SL just below 1.5300.
Consolidation with daily closure below 1.5350 threatens the bullish scenario of the pair.
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 (last week’s high).
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.
Bearish rejection and strong bearish pressure applied around 1.5700-1.5730 led to this quick obvious breakdown of 1.5600-1.5580 that took place on Wednesday.
Breakdown of 1.5600 opened the way directly towards 1.5380 previous support on the daily chart and 50% Fibonacci on the 4H chart.
Around 1.5380-1.5300 area, price action should be watched carefully for good BUY entries with SL just below 1.5300.
Consolidation with daily closure below 1.5350 threatens the bullish scenario of the pair.
The material has been provided by InstaForex Company – www.instaforex.com
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