GBP/USD -narrow 150 pips range- consolidation, waiting for breakout for July 15, 2013
July 15, 2013 4:11 pm
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180.
Last week, on Friday, bearish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5180 which was followed by the marked price fall that hardly reached 1.5020 (78% Fibonacci).
Now there is an established temporary bottom around 1.4825, we need to see how the pair would react towards the previous bottom around 1.5130-1.5180 on daily basis.
The bearish reaction expressed around 1.5180 (61.8% Fibo) may just be a move for collection of more buyers around 1.5000 to be able to push higher above 1.5200. That is why today’s candlestick closure should be watched.
Price zone 1.5025-1.5050 (78% Fibonacci and upper limit of the descending channel) should be watched as it may provide a valid buy entry with SL located just below 1.4940.
The material has been provided by InstaForex Company – www.instaforex.com
Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 61.8% Fibonacci level around 1.5180.
Last week, on Friday, bearish price action was expressed around 61.8% Fibonacci level depicted in the daily chart around 1.5180 which was followed by the marked price fall that hardly reached 1.5020 (78% Fibonacci).
Now there is an established temporary bottom around 1.4825, we need to see how the pair would react towards the previous bottom around 1.5130-1.5180 on daily basis.
The bearish reaction expressed around 1.5180 (61.8% Fibo) may just be a move for collection of more buyers around 1.5000 to be able to push higher above 1.5200. That is why today’s candlestick closure should be watched.
Price zone 1.5025-1.5050 (78% Fibonacci and upper limit of the descending channel) should be watched as it may provide a valid buy entry with SL located just below 1.4940.
The material has been provided by InstaForex Company – www.instaforex.com
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