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GBP/USD intraday technical levels and trading recommendations for August 2, 2013
August 2, 2013 4:15 pmVideo
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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 bearish pressure leading towards quick retracement which already bypassed 1.5290 50% Fibonacci reaching daily demand level around 1.5125-1.5105.
The next significant demand level on the daily chart is located around 1.5035-1.5015.
Yesterday, the bears failed to fixate below 1.5130 (intraday demand level and Daily uptrend line), This gathered bullish momentum towards 1.5275 (50% Fibonacci).
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.
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 on Wednesday.
Failure to fixate below 1.5130 gathered bullish momentum towards 1.5275 which needs to be broken through in order to pursue further bullish targets initially towards 1.5385.
On the other side, there is a small possibility that the pair is establishing reversal Head and Shoulders pattern, this needs solidation of 1.5275 which is the right shoulder zone. Otherwise, our suggested bullish scenario remains valid.
The material has been provided by InstaForex Company – www.instaforex.com
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