You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for February 4, 2014.
GBP/USD intraday technical levels and trading recommendations for February 4, 2014.
February 4, 2014 6:30 amVideo
Latest News
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
The GBP/USD pair had been trapped inside a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.
Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in the mid-December that pushed the pair again to the upside.
Based on this bullish breakout, the GBP/USD pair had a projection target around 1.6630 which acted as a prominent resistance for the pair.
As suggested, a bearish reversal was expressed at retesting of 1.6660 on January 24.
As depicted on the 4H chart, four-hour stabilization below the price zone of 1.6440-1.6490 was mandatory for further decline to take place. Quick decline took place towards 1.6300 shortly after.
The price zone of 1.6310-1.6330 represents a confluence of support for the GBP/USD pair. A valid buy entry can be taken here with stop loss as four-hour closure below 1.6275.
4H breakdown of 1.6300-1.6275 will probably allow another bearish impulse to take place towards 1.6220 then 1.6130 possibly.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: