empty
 
 
07.06.2012 03:45 PM
GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 7, 2012

This image is no longer relevant

Last Friday, the GBP/USD pair tested the lower limit of the Yellow channel around 1.5280 expressing a massive bullish reaction which turned our short-term view for the pair into bullish.

As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicates a possible bullish retracement which was expected to take place yesterday.

The GBP/USD pair has an Intraday Support Level located at 1.5435 which corresponds to the lower limit of the Yellow Channel which constitutes a valid BUY entry with low risk.

The GBP/USD pair is now testing the upper limits of the Violet channel after extensive bullish movement exceeding the Average Daily Range for Today.

The depicted typical double buttom pattern renders price zone 1.5380-15400 a significant Intraday support zone. In case it is broken through, the way towards 1.5290 will be open.

Based on the previous analysis

The market offers a valid BUY-entry around 1.5435 with SL located below 1.5390.

TP levels are to be located at 1.5465, 1.5495 & 1.5555.

If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.

Summary
Urgency
Analytic
Mohamed Samy
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 $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
  • 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