Will GBP/USD be able to establish a buttom above 1.4800 for July 10, 2013
July 10, 2013 1:28 pm
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted on the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020.
Now the pair is fixated below 1.5000-1.5020 which adds further bearish pressure to the pair to reach 1.5830 (previous monthly low) where strong bullish presence is expected to be found.
In the short-term, consolidation range may be initiated between 1.5020 – 1.4830 untill new fundamental data affects the market this week (Today the market has Bernanke speech and Fed reserve decision ).
It’s important to mention that there’s an opportunity to establish a temporary buttom around 1.4850-1.4820 which was just hit. However, no signs of reversal are manifest yet.
Price Zone 1.5025-1.5050 (78% Fibonacci and up-limit of the descending channel ) should be watched as it may provide a valid SELL entry with SL located just above 1.5080.
The material has been provided by InstaForex Company – www.instaforex.com
Last week, a bullish price action was expressed around 61.8% Fibonacci level depicted on the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020.
Now the pair is fixated below 1.5000-1.5020 which adds further bearish pressure to the pair to reach 1.5830 (previous monthly low) where strong bullish presence is expected to be found.
In the short-term, consolidation range may be initiated between 1.5020 – 1.4830 untill new fundamental data affects the market this week (Today the market has Bernanke speech and Fed reserve decision ).
It’s important to mention that there’s an opportunity to establish a temporary buttom around 1.4850-1.4820 which was just hit. However, no signs of reversal are manifest yet.
Price Zone 1.5025-1.5050 (78% Fibonacci and up-limit of the descending channel ) should be watched as it may provide a valid SELL entry with SL located just above 1.5080.
The material has been provided by InstaForex Company – www.instaforex.com