empty
 
 
13.02.2015 01:15 PM
Intraday technical levels and trading recommendations for GBP/USD for February 13, 2015
This image is no longer relevant

The previous consolidation movement extended between the price levels of 1.5600 and 1.5770. It represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

Around these price levels (1.5050 and 1.4960) the market has established another consolidation zone, which extended up to the price levels of 1.5250-1.5280.

Last week, bearish scenario was threatened on Thursday when temporary bullish breakout took place. On Friday it was followed by a bearish engulfing daily candlestick that pushed the GBP/USD pair inside the channel again.

However, yesterday bullish breakout was finally executed above the price level of 1.5300. Estimated projection targets are located around 1.5600-1.5640 where the most recent consolidation zone is located.

This image is no longer relevant

Yesterday the GBP/USD pair has spiked above the price zone of 1.5280-1.5320 (prominent SUPPLY ZONE) which failed to provide enough SUPPLY for the pair.

The price level of 1.5300 corresponded to the upper limit of the depicted H4 channel as well as 50% Fibonacci level of the recent bearish swing that extended between 1.5600 and 1.4976.

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 $9000 more!
    In May we raffle $9000 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