GBP/USD intraday technical levels and trading recommendations for August 1, 2013
August 1, 2013 4:04 pm
Bearish rejection was expressed off important key resistance at 1.5400 located on the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440.
This significant resistance managed to put some bearish pressure leading towards quick retracement which already bypassed 1.5290 50% Fibonacci. This also invalidates Thursday’s bullish engulfing daily candlestick, the low of which around 1.5285 is already broken-down now.
The next significant demand level on the daily chart is located around 1.5035-1.5015. It would be reached if the cable managed to breakdown the current demand zone around 1.5130-1.5150.
Yesterday, intraday consolidations expressed significant bullish reaction off 1.5150 that pushed up to 1.5250 twice during the day.
The cable established ascending bottom around 1.5150 and ascending top 1.5265 supporting the ongoing bullish bias for the pair.
As long as these structures remain unbroken within the depicted consolidation range, the bulls would remain in control of the market.
Confirmation of the double-top pattern and weakness of price zone 1.5265-1.5300 allowed the pair to reach 1.5150 so quickly where we expect bullish pressure to be applied maybe to establish an ascending buttom around the curent levels provided that no breakdown of 1.5050 takes place.
Intraday consolidations expressed significant bullish reaction off 1.5150 that pushed up to 1.5250. However, strong supply was offered there which invalidated the two trials of the bulls yesterday.
Fundamentally, the pound fell against the dollar during trading Thursday before the announcement of the Bank of England’s monetary policy statement, where it was confirmed that it will keep interest rates at low levels for a long time.
The material has been provided by InstaForex Company – www.instaforex.com
Bearish rejection was expressed off important key resistance at 1.5400 located on the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440.
This significant resistance managed to put some bearish pressure leading towards quick retracement which already bypassed 1.5290 50% Fibonacci. This also invalidates Thursday’s bullish engulfing daily candlestick, the low of which around 1.5285 is already broken-down now.
The next significant demand level on the daily chart is located around 1.5035-1.5015. It would be reached if the cable managed to breakdown the current demand zone around 1.5130-1.5150.
Yesterday, intraday consolidations expressed significant bullish reaction off 1.5150 that pushed up to 1.5250 twice during the day.
The cable established ascending bottom around 1.5150 and ascending top 1.5265 supporting the ongoing bullish bias for the pair.
As long as these structures remain unbroken within the depicted consolidation range, the bulls would remain in control of the market.
Confirmation of the double-top pattern and weakness of price zone 1.5265-1.5300 allowed the pair to reach 1.5150 so quickly where we expect bullish pressure to be applied maybe to establish an ascending buttom around the curent levels provided that no breakdown of 1.5050 takes place.
Intraday consolidations expressed significant bullish reaction off 1.5150 that pushed up to 1.5250. However, strong supply was offered there which invalidated the two trials of the bulls yesterday.
Fundamentally, the pound fell against the dollar during trading Thursday before the announcement of the Bank of England’s monetary policy statement, where it was confirmed that it will keep interest rates at low levels for a long time.
The material has been provided by InstaForex Company – www.instaforex.com
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