GBP/USD intraday technical analysis and trading recommendations for May 14, 2013
May 14, 2013 1:00 pm
The weak bullish structure with integrated swings led to price fall that took place on last week during both Thursday and Friday after the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair.
The GBP/USD pair broke down Important support level 50% Fibonacci which came to meet the pair at 1.5315 with the lower limit of the depicted bullish channel.
Breakdown of Fibo 50% opens the way for the pair initially towards Fibo 61.8% which is located at 1.5245.
Price Zone 1.5320-1.5340 should be watched for a retest providing a SELL entry with SL as 4H closure above 1.5380.
The material has been provided by InstaForex Company – www.instaforex.com
The weak bullish structure with integrated swings led to price fall that took place on last week during both Thursday and Friday after the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair.
The GBP/USD pair broke down Important support level 50% Fibonacci which came to meet the pair at 1.5315 with the lower limit of the depicted bullish channel.
Breakdown of Fibo 50% opens the way for the pair initially towards Fibo 61.8% which is located at 1.5245.
Price Zone 1.5320-1.5340 should be watched for a retest providing a SELL entry with SL as 4H closure above 1.5380.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: