empty
 
 
16.05.2012 02:01 PM
GBP/USD Intraday Technical Analysis and Trade Recommendations for May 16, 2012

This image is no longer relevant

In the beginning of the month,the GBP/USD pair has broken the lower limit of its bullish channel. Since then it has been downtrending within the depicted bearish channel.

Yesterday the GBP/USD pair showed siginificant bearish swing breaking-down the significant support / prominent Intraday buttom around 1.6050 opening the way for a quick decline towards 1.5960-1.5940 which is considered as a strong support zone that determins the next target.

Bullish stabilization above 1.5960-1.5940 enhances the bullish retracement towards 1.6050. However, its breakdown will lead to another decline towards 1.5895 and 1.5860.

Price Level 1.6050 is considered to be valid SELL entry as it corresponds to the upper limit of the ongoing bearish channel & previous broken support level.

SL should be located above 1.6120 while TP levels are to be located at 1.6015, 1.5975 and 1.5930.

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Mohamed Samy
Start trade
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback