GBP/USD intraday technical and fundamental review for June 13, 2013
June 13, 2013 11:45 am
The pair is probably expressing 123 bullish reversal pattern that became confirmed with daily closure above 1.5625 that took place yesterday.
The cable is still challenging the significant uptrend peak at 1.5682 recorded last week while the next important resistance is projected at 1.5750 corresponding to 61.8% Fibonacci.
Intraday support is projected at 1.5380 (SMA 100). Price level 1.5580 (50% Fibonacci) was broken through on Tuesday.
Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend. Due to acute bullish movement expressed last week, the cable did not establish any significant support levels. However, the nearest one is located at 1.5345 (depicted 50% Fibonacci Level and 100 SMA).
The recent low at 1.5485 is still holding price above providing demand for the pair which pushed again towards 1.5680 for further testing. However, fixation above 1.5680 enables the pair to reach 1.5750 directly supported by positive fundamental reports. Price action should be watched around 1.5345 for a valid BUY entry with SL just below 1.5260.
Skepticism about the future of the stimulatory measures of the Central Bank caused the U.S. dollars to decline on a large scale, this lead to cable rise this week.
The material has been provided by InstaForex Company – www.instaforex.com
The pair is probably expressing 123 bullish reversal pattern that became confirmed with daily closure above 1.5625 that took place yesterday.
The cable is still challenging the significant uptrend peak at 1.5682 recorded last week while the next important resistance is projected at 1.5750 corresponding to 61.8% Fibonacci.
Intraday support is projected at 1.5380 (SMA 100). Price level 1.5580 (50% Fibonacci) was broken through on Tuesday.
Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend.
Due to acute bullish movement expressed last week, the cable did not establish any significant support levels. However, the nearest one is located at 1.5345 (depicted 50% Fibonacci Level and 100 SMA).
The recent low at 1.5485 is still holding price above providing demand for the pair which pushed again towards 1.5680 for further testing. However, fixation above 1.5680 enables the pair to reach 1.5750 directly supported by positive fundamental reports.
Price action should be watched around 1.5345 for a valid BUY entry with SL just below 1.5260.
Skepticism about the future of the stimulatory measures of the Central Bank caused the U.S. dollars to decline on a large scale, this lead to cable rise this week.
The material has been provided by InstaForex Company – www.instaforex.com
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