empty
 
 
19.07.2012 05:25 PM
GBP/USD Intraday Technical Analysis and Trading Recommendations for July 19, 2012

This image is no longer relevant

 

After having brief consolidation during this week around price levels of 1.5667-1.5575, the GBP/USD pair managed to break through the upper limit of the bearish channel depicted on the chart thus confirming the Flag Continuation pattern initiated around price level 1.5266 since 1st of June.
As we see on the 4H chart, GBP/USD managed to do so after finding bullish rejection towards 50% of Fibonacci level which gathered bullish strength and enabled the pair to break through the upper limit of the depicted channel.
Now the backside of the upper limit of the broken channel is expected to act as a strong support for GBP/USD around price level 1.5625 which constitutes a valid BUY entry for the pair.
Target levels for this Flag continuation pattern are located around 1.5700, 1.5760 then 1.5840 while SL is to be 4H closure below 1.5580.

 

 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
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 Febrero, 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
  • 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