empty
 
 
16.09.2013 06:40 PM
GBP/USD intraday technical levels and trading recommendations for September 16, 2013

This image is no longer relevant

Daily view: 

The cable invalidated the reversal Head and Shoulders pattern maintaining a quite strong bullish momentum to the upside.

Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied, so that the bulls could step above 1.5760 (the highest level in June).

Previous bullish swing targeted 100% Fibonacci Expansion level. This renders the current one targeting the same level which will be located around 1.6000 provided that 1.5760 remains solid. 

A weekly gap has pushed the cable to the upside for about 60 pips, target level 1.6000 is getting reachable.

This image is no longer relevant

4H view:

Obvious bullish pressure has been applied during the past two weeks rendering 1.5450 a valuable ascending bottom which was established during August.

The ascending channel depicted on the chart gives bullish potential for the pair towards 1.5985 where the upper limit of the channel is roughly located.

The pair remains bullish as long as it is moving above 1.5780 aiming for higher targets as mentioned above.

Re-сlosure below 1.5780 enables the bears to initiate an early retracement move.  

Fundamentally, the weekly gap resulted from withdrawal of U.S. Secretary of the Treasury, Larry Summers is his name, from the next governor of the Federal election, which calmed fears about the early end of the monetary easing program. 

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback