GBP/USD intraday technical analysis and trading recommendations for May 24, 2013
May 24, 2013 1:45 pm
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 1.5220 which opened the way for the pair towards Fibo 61.8% located at 1.5130 which was broken too.
On Monday, failure of the pair to have 4H closure again above 1.5250 cleared the way towards 1.5015 (Fibonacci 78%) which expressed some bullish rejection so far.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200 which will probably provide a valid SELL entry on retesting (downtrend line and 50% Fibonacci) with SL located just above 1.5250.
Failure of the pair to step again above 1.5130 (61.8% Fibo) will probably lead to another bearish swing without further testing of 1.5200.
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 1.5220 which opened the way for the pair towards Fibo 61.8% located at 1.5130 which was broken too.
On Monday, failure of the pair to have 4H closure again above 1.5250 cleared the way towards 1.5015 (Fibonacci 78%) which expressed some bullish rejection so far.
As long as the market bias remains bearish, the GBP/USD pair should not reach above 1.5200 which will probably provide a valid SELL entry on retesting (downtrend line and 50% Fibonacci) with SL located just above 1.5250.
Failure of the pair to step again above 1.5130 (61.8% Fibo) will probably lead to another bearish swing without further testing of 1.5200.
The material has been provided by InstaForex Company – www.instaforex.com
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