You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for November 15, 2013
GBP/USD intraday technical levels and trading recommendations for November 15, 2013
November 15, 2013 4:15 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
The previous bullish swing targeted 100% Fibonacci Expansion level. However, the bullish swing was strong enough to bypass this level, when the pair stepped above 1.6035 recording a daily high at 1.6262, which is 70 pips higher than 127.2% Fibonacci Expansion level. However, most of the bullish gains were lost resulting in an Inverted Hammer daily candlestick during the 1st week in October.
Price fixing above 1.5950 enabled the bulls to reach 1.6035, the nearest supply level followed by the retesting of 127.2% Fibonacci Expansion around 1.6220.
On October 23, the GBP/USD pair broke initially the 1.6200 handle touching the area as of 1.6250. However, signs of bullish failure are obvious on the chart.
The cable established a double top reversal pattern around 1.6200-1.6250. That is why, a valid sell entry was suggested at 1.6200 or after breakdown of the neck-line around 1.6000 – 1.5950 (for conservative traders) to have an estimated target around 1.5720 with SL as daily closure above 1.6250.
Failure to break down the 1.5900 level was observed on Monday. Instead, bullish rejection led to another bullish swing towards 1.6040-1.6060 again (Retesting of the most recent supply zone).
The current movement needs to fixate below Supply Zone around 1.6000-1.6040 in order to pursue further bearish targets around 1.5720, especially after the bullish engulfing daily candlestick is being formed which threatens our SELL position.
On the other hand, a breakthrough below 1.5900 will lead to another bearish swing towards 1.5750-1.5730 where intraday support should be applied. However, failure to do so will enable the pair to reverse towards 1.6200 again if the bulls remain defending 1.6040-1.6000 zone as a support for them.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: