GBP/USD intraday technical levels and trading recommendations for August 22, 2013
August 22, 2013 3:15 pm
Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275, 1.5400 corresponding to 61.8% Fibonacci level then 78% Fibonacci around 1.5533.
Some bearish rebound took place beyond 1.5400 towards 1.5100 where an ascending buttom was established on August 1.
Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420. Moreover, there is a bullish breakout above 1.5575 which cleared the way towards 1.5680-1.5700 corresponding to a previous high established on 6th of June.
A valid BUY entry may be taken at retesting of 78% Fibonacci around 1.5530 with SL located below 1.5490.
We need to see obvious closure of 4H above 1.5690 to remain bullish towards 1.5750 in the short term prospect.
4H breakdown of 1.5540 probably brings back bearish pressure towards 1.5430 initially.
The material has been provided by InstaForex Company – www.instaforex.com
Strong bullish sentiment was expected to be found off the support zone around 1.4830 which pushed the pair to the upside reaching 50% Fibonacci level around 1.5275, 1.5400 corresponding to 61.8% Fibonacci level then 78% Fibonacci around 1.5533.
Some bearish rebound took place beyond 1.5400 towards 1.5100 where an ascending buttom was established on August 1.
Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420. Moreover, there is a bullish breakout above 1.5575 which cleared the way towards 1.5680-1.5700 corresponding to a previous high established on 6th of June.
A valid BUY entry may be taken at retesting of 78% Fibonacci around 1.5530 with SL located below 1.5490.
We need to see obvious closure of 4H above 1.5690 to remain bullish towards 1.5750 in the short term prospect.
4H breakdown of 1.5540 probably brings back bearish pressure towards 1.5430 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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