GBP/JPY Technical Levels and Trading Recommendations for Aug 8, 2012
NZD/USD - Elliott Wave Analysis for August 8 - 2012
News: 2012-08-08 13:35:28 UTC+00 9 months, 2 weeks, 2 days, 20 hours, 29 min. ago
GBP/USD Intraday Technical Analysis and Trading Recommendations for August 8, 2012


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The main tendency for the GBP/USD pair remains bullish. As we see, the pair was moving within three bullish channels which are depicted on the chart.
At earlier hours of today, the GBP/USD pair broke the lower limit of the Violet channel reaching the lower limit of the Yellow one around 1.5580 which expressed a significant bullish price action pushing the pair to the upside once again.
The GBP/USD pair is currently testing the backside of the lower limit of the broken Violet channel and the midline of the Yellow one around price level of 1.5665 which should constitute Intraday Resistance level as well as a valid SELL entry with SL located above 1.5700.
TP levels should be located at 1.5580, 1.5545 then 1.5505.

Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.

Performed by
Analytical expert: Mohamed Samy
InstaForex Group © 2007-2013
 Published: 2012-08-08 13:35:28 UTC+00 9 months, 2 weeks, 2 days, 20 hours, 29 min. ago

 
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