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07.03.2014 06:21 PM
GBP/USD intraday technical levels and trading recommendations for March 7, 2014

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After breakout above 1.6600 took place, the GBP/USD pair has been trapped within a consolidation zone located between 1.6600 and 1.6800.

The daily chart shows indecision manifested in the slightly bullish movement which is taking place since February 17.

The bulls found 1.6600 as a prominent support to be concentrated around. That's why a recent bottom was established there on the last visit on February 24.

Price level of 1.6820 remains the highest level so far. A breakout above this level will allow a quick bullish swing to be initiated towards 1.6870, then possibly towards 1.7000 which are prominent tops on the weekly chart.

Price zone of 1.6740-1.6700 ( 61.8% - 50% Fibonacci levels ) remains the most prominent zone on the 4H chart.

Breakout in either direction will open the way towards the next key-level on the same chart.

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2025
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