empty
 
 
06.05.2015 05:09 PM
Intraday technical levels and trading recommendations for GBP/USD for May 6, 2015

This image is no longer relevant

Significant SUPPLY levels located around 1.5300 (weekly 38.2% Fibonacci level) and 1.5500 (weekly 50% Fibonacci level) have been providing significant SUPPLY over the GBP/USD pair for a few months.

Evident bullish recovery emerged off the price levels near 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

As mentioned in the previous articles, persistence above the zone of 1.5000-1.5080 exposed the weekly supply zone at 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level) where significant bearish pressure was applied.

The current weekly candlestick closure should be monitored to determine the next destination of the pair as weekly closure above 1.5300 immediately exposes the price levels around 1.5500 (weekly 50% Fibonacci level).

This image is no longer relevant

Sideways movement with slight bearish tendency was expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) constitutes a prominent DEMAND level for the GBP/USD pair.

As anticipated, it offered a valid buy entry at retesting that took place yesterday. S/L should be advanced to 1.5050 (just below entry levels) to offside the risk.

On the other hand, daily closure below the level of 1.4970 invalidates the ongoing bullish scenario giving more time for sideway movement for some time.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 más!
    ¡En Diciembre, sorteamos $6000 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
  • 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