GBP/USD intraday technical analysis and trading recommendations for June 25, 2013
June 25, 2013 4:30 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.
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.
Yesterday, the GBP/USD pair was rejected at support level 1.5380 (previous support on the daily chart and 50% Fibonacci on the 4H chart), this lead to bullish daily closure above 1.5400 precisely at 1.5432 as depicted on the chart.
Price Level 1.5475 stands as the next resistance which comes to meet the pair. Breakthrough above it opens the way for further bullish movement towards 1.5540 initially.
Around 1.5380-1.5300 area, price action should be watched 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 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.
Yesterday, the GBP/USD pair was rejected at support level 1.5380 (previous support on the daily chart and 50% Fibonacci on the 4H chart), this lead to bullish daily closure above 1.5400 precisely at 1.5432 as depicted on the chart.
Price Level 1.5475 stands as the next resistance which comes to meet the pair. Breakthrough above it opens the way for further bullish movement towards 1.5540 initially.
Around 1.5380-1.5300 area, price action should be watched 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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