You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for July 13, 2015
GBP/USD intraday technical levels and trading recommendations for July 13, 2015
July 13, 2015 5:10 pmVideo
Latest News
- 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
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
Overview:
On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom (which initiated the ongoing bullish swing) was reached.
A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.
The next bullish swing extended up to the levels of 1.5750-1.5800 which offered few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.
Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing.
That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.
Significant bearish rejection was expressed around the zone of 1.5900-1.5930. Since then, a major bearish swing has been taking place.
Recently, the level of 1.5555 (prominent demand level/depicted uptrend line) was obviously breached earlier this week due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.
As suggested in previous articles, conservative traders should have waited for the recent bullish pullback towards 1.5550 for a low-risk SELL entry (it got triggered earlier today). S/L should be placed above the level of 1.5620.
On the other hand, the price levels of 1.5360 and 1.5250 are the nearest SUPPORT levels to meet the GBP/USD pair. Both should be watched for early signs of bullish rejection to exit our suggested SELL entry.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: