empty
 
 
07.04.2014 02:41 PM
Intraday technical levels and trading recommendations for GBP/USD for April 7, 2014

This image is no longer relevant

Around price level of 1.6780, a double-top pattern scenario was established with the neckline located around the price zone of 1.6620-1.6660.

Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target.

The recently achieved low of 1.6465 (also corresponding to a previous uptrend line) prevented further decline. Yet, the bulls were unable to fix above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

This applied bearish pressure to push the pair back towards 1.6545 ( corresponding to the uptrend line and 50% Fibonacci ). Price action should be watched at retesting.

A slide below price zone of 1.6550-1.6535 applies bearish pressure on the pair to pursue towards lower lows around 1.6510 and 1.6470.

Otherwise, the uptrend remains intact and the bulls would be targeting at 1.6750-1.6775.

This image is no longer relevant

As suggested, the price zone of 1.6666-1.6690 offered a valid sell entry. Stop loss should be lowered to be four-hour closure above 1.6650.

The bears need to achieve a four-hour closure below 1.6600 to push for further lows. However, until now there's bullish support being offered at 1.6550 ( Friday's lowest price level ).

Moreover, there's lack of bearish follow up below 1.6600. All we can see is weak bearish candlesticks which can result in bullish reversal anytime.

On the other hand, four-hour fixation above 1.6650 will be a signal of weakness of the bears to pursue their downtrend exposing price levels of 1.6680 and 1.6775 for retesting.

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