GBP/USD intraday technical analysis for March 28, 2013
March 28, 2013 1:45 pm
The daily closures, which have been observed during this week, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone on the 4H chart). However, this zone was broken last week. On the 4H chart, there is a previously mentioned bearish Head and Shoulders pattern being confirmed with retesting of the neck-line around 1.5140-1.5150 levels. Projection target for this activated pattern will be around 1.5040-1.5000 levels. Breakdown below support zone around 1.5150 will probably target 1.5076 initially. However, if this zone holds, the uptrend from 1.4830 will remain intact, targeting 1.5330 provided that the pair consolidates above 1.5180 again. It is important to note that Monday’s daily candlestick was bearish engulfing pattern, which holds further pressure on 1.5150-1.5130 being tested today.
The material has been provided by InstaForex Company – www.instaforex.com
The daily closures, which have been observed during this week, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone on the 4H chart). However, this zone was broken last week.
On the 4H chart, there is a previously mentioned bearish Head and Shoulders pattern being confirmed with retesting of the neck-line around 1.5140-1.5150 levels.
Projection target for this activated pattern will be around 1.5040-1.5000 levels.
Breakdown below support zone around 1.5150 will probably target 1.5076 initially. However, if this zone holds, the uptrend from 1.4830 will remain intact, targeting 1.5330 provided that the pair consolidates above 1.5180 again.
It is important to note that Monday’s daily candlestick was bearish engulfing pattern, which holds further pressure on 1.5150-1.5130 being tested today.
The material has been provided by InstaForex Company – www.instaforex.com
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