empty
 
 
04.02.2014 12:46 AM
Technical analysis of GBP/USD for February 4, 2014
This image is no longer relevant

Overview:

  • According to previous events, the resistance of the GBP/USD pair has been already set at the level of 1.6370. Furthermore, the weekly support 1 sets at the level of 1.6370). But it should be noted that support has been broken and turned to resistance. Equally important, the weekly support 3 has been set at the level of 1.6172 on February 4, 2014. Accordingly, the price of the GBP/USD pair has been trapped between 1.6370 and 1.6300; thus, it is reasonable to be careful with action around this area. Also, it should be noted that the range today will be about 80 pips. As a result, the trend in H1 chart is going to call for a bearish market at the level of 1.6370. Thereupon, it looks for further downside move below 1.6370 with targets at 1.6313 and 1.6220 today. On the other hand, buy above the price of 1.6175 with the first target at 1.6255. It might resume to 1.6300 in order to test the support.
Summary
Urgency
Analytic
Mourad El Keddani
Start trade
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 $6000 more!
    In December we raffle $6000 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

Recommended Stories

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