GBP/USD intraday technical analysis and trading recommendations for June 4, 2013
June 4, 2013 11:30 am
Psychological Support 1.5000 that corresponds to Fibonacci 78% pushed the GBP/USD pair strongly to the upside above 1.5130 (Fibonacci 61.8%) then above 1.5220 (Fibonacci 50%).
Last Friday, the pair found it was difficult to consolidate above 1.5220 (Fibonacci 50%) which brought it back down to 1.5130 in line with the negative money flow sentiment at under -16%.
Price Level 1.5139 provided siginificant support which is manifested in the “long-tailed” daily candlestick.
Stabilization above 1.5220 will bring more bullish strength to the market opening the way up to 1.5300 then 1.5390. However, further restesting of price zone between 50% – 61.8% Fibonacci levels may occur before further bullish movements.
Price action should be watched at 1.5220 (50% Fibonacci level) on retesting as it will probably provide a BUY entry.
Failure to consolidate above 1.5220 will bring the maket back to 1.5130 where price action should be watched.
The material has been provided by InstaForex Company – www.instaforex.com
Psychological Support 1.5000 that corresponds to Fibonacci 78% pushed the GBP/USD pair strongly to the upside above 1.5130 (Fibonacci 61.8%) then above 1.5220 (Fibonacci 50%).
Last Friday, the pair found it was difficult to consolidate above 1.5220 (Fibonacci 50%) which brought it back down to 1.5130 in line with the negative money flow sentiment at under -16%.
Price Level 1.5139 provided siginificant support which is manifested in the “long-tailed” daily candlestick.
Stabilization above 1.5220 will bring more bullish strength to the market opening the way up to 1.5300 then 1.5390. However, further restesting of price zone between 50% – 61.8% Fibonacci levels may occur before further bullish movements.
Price action should be watched at 1.5220 (50% Fibonacci level) on retesting as it will probably provide a BUY entry.
Failure to consolidate above 1.5220 will bring the maket back to 1.5130 where price action should be watched.
The material has been provided by InstaForex Company – www.instaforex.com
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