GBP/USD intraday technical levels and trading recommendations for August 30, 2013
September 2, 2013 8:15 am
Strong bullish sentiment was expected to be found at 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 off 1.5400 towards 1.5100, where an ascending bottom was established on August 1. Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420.
It is important to note that the market expressed a SHOOTING STAR weekly candlestick, which roughly tested 1.5585. This provided strong bearish momentum for the pair to fixate below 1.5540, which was retested again on Tuesday.
We need to see obvious closure of 4H above 1.5540 then 1.5570 to return bullish towards 1.5630 then 1.5750 in the short-term prospect.
As expected, 4H fixation below 1.5540 brought bearish pressure back to 1.5430 initially.
Around 1.5430-1.5400, bullish pressure will probably be applied to push again towards 1.5570 (a possibility to achieve a Head&Shoulders pattern) as long as the price remains above 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
Strong bullish sentiment was expected to be found at 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 off 1.5400 towards 1.5100, where an ascending bottom was established on August 1. Now there are prominent established ascending bottoms around 1.5100, 1.5200, and 1.5420.
It is important to note that the market expressed a SHOOTING STAR weekly candlestick, which roughly tested 1.5585. This provided strong bearish momentum for the pair to fixate below 1.5540, which was retested again on Tuesday.
We need to see obvious closure of 4H above 1.5540 then 1.5570 to return bullish towards 1.5630 then 1.5750 in the short-term prospect.
As expected, 4H fixation below 1.5540 brought bearish pressure back to 1.5430 initially.
Around 1.5430-1.5400, bullish pressure will probably be applied to push again towards 1.5570 (a possibility to achieve a Head&Shoulders pattern) as long as the price remains above 1.5400.
The material has been provided by InstaForex Company – www.instaforex.com
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