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|GBP/JPY Technical Levels and Trading Recommendations for June 19, 2012|
Proceeding from the today's H4 chart it can be said that silver takes an upward move after its rebound from the upward line yesterday approaching the Resistance level 28.75 and currently is testing it.
If silver is able to close 4H above this Resistance level, it may be a good opportunity for the bullish movement enabling the Resistance level 29.00, and closing above this Resistance area 28.75-29.00 , this means bullish strength providing new buy-signals enabling the Resistance area 29.45.
On the other hand, if silver reverses its move and closes 4H below the Resistance area 28.75 - 29.00, this will give a strong indicator for bearish movement till reaching the upward line and the Support level 28.40 then testing it. If silver can break this level and close 4H below, this should provide a good opportunity to sell from this level enabling the Support level 27.90.
Based on today's H4 chart, technical indicators provide bullish signals, but as long as the Resistance area 28.75 - 29.00 is unbroken the downward trend is still expected invalidating the bullish outlook. Therefore we should wait for more confirmations before making the decision.
Resistance and Support levels:
According to previous analysis we recommend buying with TP 29.30; SL closing 4 hours below the Resistance level 28.75.
Analytical expert: Hossam Soliman Ali
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