GBP/USD intraday technical levels and trading recommendations for August 12, 2013
August 12, 2013 2:15 pm
There was a bearish rebound from important key resistance at 1.5400 located in the chart corresponding to 61.8% Fibonacci level extending up to 1.5440.
This significant resistance managed to put bearish pressure leading towards quick retracement reaching daily demand level around 1.5200 (the previous uptrend line).
Last week, strong bullish pressure was applied at retesting 50% Fibonacci resulting in bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci). This opened the way directly to 78% Fibonacci around 1.5550 which constitutes significant Intraday resistance.
On Friday, bearish pressure was applied around 78% Fibonacci around 1.5550 resulting in bearish Harami daily candlestick which probably enhances further correction towards 1.5400.
The cable established ascending bottoms around 1.5100 and 1.5210 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.
A valid sell entry was suggested around 1.5550 ( backside of the broken channel & Fibonacci 78% ) with SL located above 1.56100, It’s running in profits now, target should be set at 1.5450 then 1.5400 initially.
Fundamentally, USD rose against other major currencies during today’s session, supported by strong sales of U.S. which may permeate expectations on resolving the Fed program to buy assets, this may enhance another opportunity for selling the GBP around 1.5550.
The material has been provided by InstaForex Company – www.instaforex.com
There was a bearish rebound from important key resistance at 1.5400 located in the chart corresponding to 61.8% Fibonacci level extending up to 1.5440.
This significant resistance managed to put bearish pressure leading towards quick retracement reaching daily demand level around 1.5200 (the previous uptrend line).
Last week, strong bullish pressure was applied at retesting 50% Fibonacci resulting in bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci). This opened the way directly to 78% Fibonacci around 1.5550 which constitutes significant Intraday resistance.
On Friday, bearish pressure was applied around 78% Fibonacci around 1.5550 resulting in bearish Harami daily candlestick which probably enhances further correction towards 1.5400.
The cable established ascending bottoms around 1.5100 and 1.5210 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.
A valid sell entry was suggested around 1.5550 ( backside of the broken channel & Fibonacci 78% ) with SL located above 1.56100, It’s running in profits now, target should be set at 1.5450 then 1.5400 initially.
Fundamentally, USD rose against other major currencies during today’s session, supported by strong sales of U.S. which may permeate expectations on resolving the Fed program to buy assets, this may enhance another opportunity for selling the GBP around 1.5550.
The material has been provided by InstaForex Company – www.instaforex.com
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