GBP/USD Intraday technical levels and trade recommendations for June 24, 2013.
June 24, 2013 12:45 pm
Last Friday, the GBP/USD pair expressed bearish engulfing weekly closure after testing the backside of the broken bullish channel depicted on the Daily chart above.
The backside of the broken channel corresponded to supply zone located at 1.5680-1.5800 which managed to pause the ongoing bullish wave and bring a quick decline towards support zone around 1.5380-1.5350.
The next obvious support is located around 1.5290-1.5300 which should be watched in case of testing today.
Looking at the 4H chart, 1.5380 corresponds to 50% Fibonacci Level of the recent bullish swing initiated at 1.5000, this renders this level a key-level for the week.
Fixation above 1.5350-1.5380 brings bullish strength to the market to initiate a quick retest for 1.5550 levels which is nearly 50% of the last weekly candlestick before resuming the bearish movement towards 1.5070.
Trading recommendations:
Watch price levels around 1.5550-1.5570 at retesting for a valid SELL entry with SL located above 1.5750 and final target at 1.5070.
For risky traders, they can profit from possible bullish retracement off the current levels around 1.5350 with SL as daily closure below 1.5300 and a possible target at 1.5500.
The material has been provided by InstaForex Company – www.instaforex.com
Last Friday, the GBP/USD pair expressed bearish engulfing weekly closure after testing the backside of the broken bullish channel depicted on the Daily chart above.
The backside of the broken channel corresponded to supply zone located at 1.5680-1.5800 which managed to pause the ongoing bullish wave and bring a quick decline towards support zone around 1.5380-1.5350.
The next obvious support is located around 1.5290-1.5300 which should be watched in case of testing today.
Looking at the 4H chart, 1.5380 corresponds to 50% Fibonacci Level of the recent bullish swing initiated at 1.5000, this renders this level a key-level for the week.
Fixation above 1.5350-1.5380 brings bullish strength to the market to initiate a quick retest for 1.5550 levels which is nearly 50% of the last weekly candlestick before resuming the bearish movement towards 1.5070.
Trading recommendations:
Watch price levels around 1.5550-1.5570 at retesting for a valid SELL entry with SL located above 1.5750 and final target at 1.5070.
For risky traders, they can profit from possible bullish retracement off the current levels around 1.5350 with SL as daily closure below 1.5300 and a possible target at 1.5500.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: