GBP/USD intraday technical levels and trading recommendations for July 29, 2013
July 29, 2013 1:28 pm
Important key resistance at 1.5400 is located on the daily chart corresponding to 61.8% Fibonacci Level extending up to 1.5440, previous daily high.
This upcoming resistance is expected to put some bearish pressure maybe leading towards some bearish retracement. However, Thursday’s bullish engulfing daily candlestick, the low of which hardly touched 50% Fibonacci Level around 1.5285, threatens the bearish retracement scenario.
The cable established ascending bottom 1.5150 and ascending top 1.5265 supporting the ongoing bullish bias for the pair.
As long as these structures remain unbroken, the bulls would remain in control of the market.
Intraday demand zone is located around 1.5265-1.5300 which corresponds to 50% Fibonacci Level and the previous top where a valid BUY entry was suggested in previous articles and running in profits now.
Fundamentally, the market is waiting for important data this week such as Wednesday’s FOMC meeting and GDP report, and Friday’s NFP report for July.
The cable also has important economic events such as the BOE latest policy decision for August. Any forward guidance mentioning may lead to bearish pressure on the pair.
The material has been provided by InstaForex Company – www.instaforex.com
Important key resistance at 1.5400 is located on the daily chart corresponding to 61.8% Fibonacci Level extending up to 1.5440, previous daily high.
This upcoming resistance is expected to put some bearish pressure maybe leading towards some bearish retracement. However, Thursday’s bullish engulfing daily candlestick, the low of which hardly touched 50% Fibonacci Level around 1.5285, threatens the bearish retracement scenario.
The cable established ascending bottom 1.5150 and ascending top 1.5265 supporting the ongoing bullish bias for the pair.
As long as these structures remain unbroken, the bulls would remain in control of the market.
Intraday demand zone is located around 1.5265-1.5300 which corresponds to 50% Fibonacci Level and the previous top where a valid BUY entry was suggested in previous articles and running in profits now.
Fundamentally, the market is waiting for important data this week such as Wednesday’s FOMC meeting and GDP report, and Friday’s NFP report for July.
The cable also has important economic events such as the BOE latest policy decision for August. Any forward guidance mentioning may lead to bearish pressure on the pair.
The material has been provided by InstaForex Company – www.instaforex.com
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