GBP/USD intraday technical levels and trading recommendations for January 10, 2014
January 10, 2014 2:30 pm
By the end of 2013, the bulls managed to record a new annual high at 1.6576. This was achieved after stabilization of 1.6250 as a support level.
Bearish pressure was applied at price level of 1.6590 to get the pair back again below 1.6460-1.6500 after the bulls managed to break through this zone for a few days.
Few days later, the bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remained the nearest resistance level. The bulls have been pushing towards it since January 6.
The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to break through above 1.6460-1.6500 (this zone showed quite strongВ bearish momentum earlier today).
Any bullish movement towards 1.6460-1.6500 should be considered for SELLING as long as the bears are defending 1.6500.
Sellers should be watching for today’s daily closure.В A bullish breakout above 1.6500 will probably allow for another bullish impulse towards 1.6600 invalidating the suggested position.
The material has been provided by InstaForex Company – www.instaforex.com
By the end of 2013, the bulls managed to record a new annual high at 1.6576. This was achieved after stabilization of 1.6250 as a support level.
Bearish pressure was applied at price level of 1.6590 to get the pair back again below 1.6460-1.6500 after the bulls managed to break through this zone for a few days.
Few days later, the bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remained the nearest resistance level. The bulls have been pushing towards it since January 6.
The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to break through above 1.6460-1.6500 (this zone showed quite strongВ bearish momentum earlier today).
Any bullish movement towards 1.6460-1.6500 should be considered for SELLING as long as the bears are defending 1.6500.
Sellers should be watching for today’s daily closure.В A bullish breakout above 1.6500 will probably allow for another bullish impulse towards 1.6600 invalidating the suggested position.
The material has been provided by InstaForex Company – www.instaforex.com
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