GBP/USD intraday technical levels and trading recommendations for December 17, 2013
December 17, 2013 2:30 pm
Strong bullish sentiment was found at the support area around 1.4830, which pushed the pair to 1.5700, the level where two prominent tops were established, until the bulls initiated another bullish impulse towards 1.6200 where other two prominent tops were established.
It is worthy of note, that the market initially expressed a bearish rejection around 1.6200 which resulted in an Inverted Hammer weekly candlestick which established a consolidation range down to 1.5920. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200.
The pair failed to breakdown support zone located around 1.5925. That’s why a bullish rejection was manifested around 1.5860 failing to complete the projected targets of the double-top pattern. Instead, the bulls managed to exceed the previous high of 2013 around 1.6340 recording a new high for 2013 at 1.6463.
A sell entry was suggested at retesting of price levels around 1.6440, It’s running in +176 pips now. SL should be lowered to 1.6360 ( above Yesterday’s high ).
Our initial target was hit around 1.6320, then 1.6250 is being approached now. Breakdown of 1.6250 will probably lead towards 1.6130 initially. Otherwise, bullish reversal will lead to another bullish impulse again towards 1.6380.
The material has been provided by InstaForex Company – www.instaforex.com
Strong bullish sentiment was found at the support area around 1.4830, which pushed the pair to 1.5700, the level where two prominent tops were established, until the bulls initiated another bullish impulse towards 1.6200 where other two prominent tops were established.
It is worthy of note, that the market initially expressed a bearish rejection around 1.6200 which resulted in an Inverted Hammer weekly candlestick which established a consolidation range down to 1.5920. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200.
The pair failed to breakdown support zone located around 1.5925. That’s why a bullish rejection was manifested around 1.5860 failing to complete the projected targets of the double-top pattern. Instead, the bulls managed to exceed the previous high of 2013 around 1.6340 recording a new high for 2013 at 1.6463.
A sell entry was suggested at retesting of price levels around 1.6440, It’s running in +176 pips now. SL should be lowered to 1.6360 ( above Yesterday’s high ).
Our initial target was hit around 1.6320, then 1.6250 is being approached now. Breakdown of 1.6250 will probably lead towards 1.6130 initially. Otherwise, bullish reversal will lead to another bullish impulse again towards 1.6380.
The material has been provided by InstaForex Company – www.instaforex.com
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