GBP/USD intraday technical and fundamental review for May 14, 2013
May 14, 2013 12:45 pm
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week especially on Friday.
The cable came again inside previous consolidation range between 1.5230-1.5360, breaking the depicted uptrend as well.
The pair has its way opened towards 1.5230-1.5200, the lower limit of consolidation range.
Resistance levels: 1.5370, 1.5580, 1.5650, and 1.5850.
Support levels: 1.5230 and 1.5030.
Breakdown of the recent low at 1.5310 resumed the ongoing bearish momentum reaching 1.5280.
The broken confluence zone at 1.5350-1.5370 stands as strong Intraday resistance for the pair. Any visit to this zone soon probably provides a good SELL entry with SL just above 1.5400.
Fundamentally, Leading Index rose to the British economy for the third consecutive month in March, indicating that its economy will continue to rise slowly in the near term, according to a survey issued by the CB.
The material has been provided by InstaForex Company – www.instaforex.com
Supply zone located around 1.5550-1.5600 (the upper limit of the depicted bullish channel and 50% Fibonacci level) provided considerable resistance for the cable last week especially on Friday.
The cable came again inside previous consolidation range between 1.5230-1.5360, breaking the depicted uptrend as well.
The pair has its way opened towards 1.5230-1.5200, the lower limit of consolidation range.
Resistance levels: 1.5370, 1.5580, 1.5650, and 1.5850.
Support levels: 1.5230 and 1.5030.
Breakdown of the recent low at 1.5310 resumed the ongoing bearish momentum reaching 1.5280.
The broken confluence zone at 1.5350-1.5370 stands as strong Intraday resistance for the pair. Any visit to this zone soon probably provides a good SELL entry with SL just above 1.5400.
Fundamentally, Leading Index rose to the British economy for the third consecutive month in March, indicating that its economy will continue to rise slowly in the near term, according to a survey issued by the CB.
The material has been provided by InstaForex Company – www.instaforex.com
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