GBP/USD intraday technical levels and trading recommendations for February 13, 2014
February 13, 2014 4:30 pm
A considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as recent bottom established around 1.6250.
The 4H chart reveals an inverted bullish Head and Shoulders pattern which was expressed around 1.6220 aiming at a 1.6470-1.6500 “previous prominent resistance zone”.
Four-hour breakthrough above the price zone of 1.6470-1.6500 opened the way directly towards 1.6580 rendering price zone of 1.6630-1.6660 as a coming target zone.
On the 4H chart, current bearish pressure/rejection is being applied at 1.6660 pushing the pair down to price level of 1.6620 which is providing Intraday support until now.
On the other hand, re-fixation again below 1.6630 turns the ongoing bullish bias into a bearish one targeting at 1.6470 then at 1.6350 as well.
The material has been provided by InstaForex Company – www.instaforex.com
A considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as recent bottom established around 1.6250.
The 4H chart reveals an inverted bullish Head and Shoulders pattern which was expressed around 1.6220 aiming at a 1.6470-1.6500 “previous prominent resistance zone”.
Four-hour breakthrough above the price zone of 1.6470-1.6500 opened the way directly towards 1.6580 rendering price zone of 1.6630-1.6660 as a coming target zone.
On the 4H chart, current bearish pressure/rejection is being applied at 1.6660 pushing the pair down to price level of 1.6620 which is providing Intraday support until now.
On the other hand, re-fixation again below 1.6630 turns the ongoing bullish bias into a bearish one targeting at 1.6470 then at 1.6350 as well.
The material has been provided by InstaForex Company – www.instaforex.com
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