GBP/USD intraday technical levels and trading recommendations for February 5, 2014.
February 5, 2014 3:00 pm
The GBP/USD pair failed to fixate above 1.6600 on January 24. Instead, a strong bearish impulse initiated quickly pushing the pair towards 1.6250 .
Around 1.6250, previous multiple tops were established. That’s why a considerable support is expected to be found there.
Near 1.6250 extending down to 1.6200, the lower limit of the ongoing bullish channel comes to meet the pair. Bullish pressure may be expressed on retesting.
On the other hand, breakdown of 1.6200-1.6250 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6140 initially.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD pair failed to fixate above 1.6600 on January 24. Instead, a strong bearish impulse initiated quickly pushing the pair towards 1.6250 .
Around 1.6250, previous multiple tops were established. That’s why a considerable support is expected to be found there.
Near 1.6250 extending down to 1.6200, the lower limit of the ongoing bullish channel comes to meet the pair. Bullish pressure may be expressed on retesting.
On the other hand, breakdown of 1.6200-1.6250 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6140 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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