empty
 
 
05.03.2014 12:42 PM
GBP/USD intraday technical levels and trading recommendations for March 5, 2014

This image is no longer relevant

A prominent bottom was established around 1.6250. This price level corresponds to previous multiple tops as well as another recent bottom established in December 2013.

A breakthrough above the price zone of 1.6590-1.6660 opened the way directly towards the upper limit of the depicted channel around 1.6820 where the GBP/USD pair topped recently.

As expected, shortly after, the bears retraced towards 1.6590-1.6660. An ascending bottom was established there on February 24.

The bulls are probably targeting at the recent high around 1.6800. The market may offer a SELL entry at retesting.

On the other hand, the pair is moving sideways in a price range which needs an obvious breakout to end the congestion phase taking place now.

This image is no longer relevant

The pair is still trapped between 1.6730 (61.8% Fibonacci on the 4H chart) and 1.6590 (lower limit of this congestion zone).

As depicted on the chart, the bulls tried to breakthrough above 61.8% Fibonacci around 1.6730. However, immediate bearish rejection took place to push lower again.

Fixation below the price zone of 1.6705-1.6735 will allow a bearish impulse to take place towards 1.6620 initially.

Price action should be watched at retesting of price zone of 1.6550-1.6470 as a valid BUY entry may be offered with stop loss as 4H closure below 1.6500.

On the other hand, Sellers should be watching the recent top at 1.6820 for a new SELL entry with SL as daily closure above 1.6850.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Junio, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback