You are here: Home > articles > Forex > GBP/USD intraday technical levels and trading recommendations for November 7, 2013
GBP/USD intraday technical levels and trading recommendations for November 7, 2013
November 7, 2013 4:30 pmVideo
Latest News
- 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
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
- Trading plan for EUR/USD on April 19. Simple tips for beginners April 19, 2024
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
Strong bullish sentiment was found at the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400, then 1.5700, where two prominent tops were established.
Bullish pressure was applied off 1.5430-1.5400 which managed to break through 1.5720, thus matching the August highest level and the recently established top.
The market expressed obvious closure above 1.5575 which opened the way towards 1.6000, 1.6170, then 1.6260.
It is important to note that the market expressed bearish rejection off 1.6150-1.6200 which resulted in an inverted hammer weekly candlestick. That is why a bearish movement was expected to take place during the last week provided that the bears continue defending the weekly high at 1.6150. However, the lack of bearish momentum enhanced by the weakness of USD allowed the bulls to step above 1.6200 (127.2% Fibo Expansion) for a short time until bearish domination came back into the market.
On October 25, there was confirmation of the bearish momentum located around 1.6200 resulting in a shooting star daily candlestick pushing more bearish steam into the market.
The pair established a double-top reversal pattern around 1.6180-1.6200 which provided a valid sell entry on retesting or after the breakdown of 1.6100 (neck-line) with SL located above 1.6250.
The pair needed to breakdown the support level located around 1.6040 (100% Fibo Expansion) which took place last Friday, while now the pair needs to remain fixating below it in order to resume the ongoing movement heading for lower targets.
On the other hand, daily fixation above 1.6040 will enable the pair to express bullish movement towards 1.6100-1.6150 initially.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: