You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for December 27, 2013
GBP/USD intraday technical levels and trading recommendations for December 27, 2013
December 27, 2013 4:30 pmVideo
Latest News
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
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 is why 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. Our targets were hit around 1.6320 and 1.6250.
As it was mentioned last week, failure of the bears to break down 1.6250 allowed another bullish impulse towards 1.6400 then 1.6500 to be initiated by the bulls supported by the positive fundamental news from the UK.
Price levels around 1.6500-1.6520 should be watched as it constitutes a confluence of resistance for the GBP/USD pair.
Daily closure above 1.6520 invalidates the short-term bearish view opening the way for another strong bullish impulse towards 1.6610 initially.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: