GBP/USD intraday technical analysis and trading recommendations for May 22, 2013
May 22, 2013 11:45 am
The weak bullish structure with integrated swings led to the price fall after the upper limit of the movement channel 1.5590-1.5600 had 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 which opened the way for the pair towards Fibo 61.8% located at 1.5245 which was broken too.
Price Zone 1.5320-1.5340 was recommended as a SELL entry which is running in profits now. It is adviced that SL should be lowered to 1.5190 to offside some risk.
On Monday, failure of the pair to have 4H closure again above 1.5250, enhanced the bearish view towards 1.5150 then 1.5070. The way towards 1.5033 is now clear.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200. Otherwise, further movement towards 1.5320 will be expected then.
The material has been provided by InstaForex Company – www.instaforex.com
The weak bullish structure with integrated swings led to the price fall after the upper limit of the movement channel 1.5590-1.5600 had 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 which opened the way for the pair towards Fibo 61.8% located at 1.5245 which was broken too.
Price Zone 1.5320-1.5340 was recommended as a SELL entry which is running in profits now. It is adviced that SL should be lowered to 1.5190 to offside some risk.
On Monday, failure of the pair to have 4H closure again above 1.5250, enhanced the bearish view towards 1.5150 then 1.5070. The way towards 1.5033 is now clear.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200. Otherwise, further movement towards 1.5320 will be expected then.
The material has been provided by InstaForex Company – www.instaforex.com
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