GBP/USD intraday technical analysis and trading recommendations for May 8, 2013
May 8, 2013 9:30 am
As expected, the weak ongoing bullish structure with integrated swings and broken short-term uptrends lead to price fall that occurred yesterday. The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5370-1.5400. However, the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair. On the 4H chart, there are two broken short-term uptrend lines which allowed retracement movement towards 1.5450. By breakdown of 1.5450, there would be a confirmed signal of reversal (Double Top pattern) which will be targeting at 1.5400 then 1.5360. Stabilization above 1.5470 temporarily cancels the bearish reversal scenario.
The material has been provided by InstaForex Company – www.instaforex.com
As expected, the weak ongoing bullish structure with integrated swings and broken short-term uptrends lead to price fall that occurred yesterday.
The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5370-1.5400. However, the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair.
On the 4H chart, there are two broken short-term uptrend lines which allowed retracement movement towards 1.5450.
By breakdown of 1.5450, there would be a confirmed signal of reversal (Double Top pattern) which will be targeting at 1.5400 then 1.5360.
Stabilization above 1.5470 temporarily cancels the bearish reversal scenario.
The material has been provided by InstaForex Company – www.instaforex.com
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