GBP/USD intraday technical levels and trade recommendations for July 2, 2013.
July 2, 2013 2:45 pm
This week, the cable consolidated after hiting a low of 1.5165 last week.
This consolidation extended up to 1.5250 which seems to be a weak retracement movement.
Now as we are getting in the U.S. session, the bears are pressing for new lows, they have hit 1.5133 so far.
Consolidation below 1.5165 ( Friday’s low ) can press towards 1.5100 initially where the depicted uptrend line comes to meet the pair.
The most prominent support that comes to meet the pair 1st is located around 1.5035. However, the demand zone extends up to 1.5100 as mentioned above (previous confirmed double buttom pattern).
For bearish dominance to remain controlling, the price should probably hold below 1.5200 ( 61.8% Fibonacci ). Otherwise, the bearish direction will be neutralized.
On the other hand, the fixation above 1.5250 is needed to establish a bottom to suggest any bullish retracement scenario.
A bullish correction should have a limited target to about 1.5290 ( 50% Fibonacci ) up to 1.5340 (100 SMA).
Fundamentally, the British construction sector activity improved during the month of June, to accelerate the pace of growth since May 2012, lowering concerns about the economic outlook for the country, according to economic data released today.
The material has been provided by InstaForex Company – www.instaforex.com
This week, the cable consolidated after hiting a low of 1.5165 last week.
This consolidation extended up to 1.5250 which seems to be a weak retracement movement.
Now as we are getting in the U.S. session, the bears are pressing for new lows, they have hit 1.5133 so far.
Consolidation below 1.5165 ( Friday’s low ) can press towards 1.5100 initially where the depicted uptrend line comes to meet the pair.
The most prominent support that comes to meet the pair 1st is located around 1.5035. However, the demand zone extends up to 1.5100 as mentioned above (previous confirmed double buttom pattern).
For bearish dominance to remain controlling, the price should probably hold below 1.5200 ( 61.8% Fibonacci ). Otherwise, the bearish direction will be neutralized.
On the other hand, the fixation above 1.5250 is needed to establish a bottom to suggest any bullish retracement scenario.
A bullish correction should have a limited target to about 1.5290 ( 50% Fibonacci ) up to 1.5340 (100 SMA).
Fundamentally, the British construction sector activity improved during the month of June, to accelerate the pace of growth since May 2012, lowering concerns about the economic outlook for the country, according to economic data released today.
The material has been provided by InstaForex Company – www.instaforex.com
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