empty
 
 
06.03.2015 05:34 PM
GBP/USD intraday technical levels and trading recommendations for March 6, 2015
This image is no longer relevant
This image is no longer relevant

Overview:

On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, DAILY support was established around 1.5170-1.5200 (ascending bottoms).

The long-term projection target for the recent bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).

On Monday, obvious breakdown of the lower limit of the depicted channel took place.

Today, significant bearish pressure was applied over the price levels of 1.5180 and 1.5100 (previous support level and recent uptrend line).

A quick bearish visit towards 1.5000 should be anticipated if bears keep defending their newly established RESISTANCE level around 1.5100.

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