InstaForex InstaForex

Forex Analysis: 4 Apr 2012, 08:02 UTC+00

GBP/USD Intraday Technical Analysis and Trading Recommendations for April 4, 2012


Show full picture

 

GBP/USD daily chart which illustrates the bearish swing between 1.6616 and 1.5232 reveals that the pair has strong resistance at 1.6085 which corresponds to 61.8% Fibonacci level.
Price level 1.6130, located slightly higher than 61.8% Fibonacci, has been acting as resistance each time when tested.
Thus, levels 1.6085-1.6130 are considered as a significant supply zone in the long-term and also as a good SELL entry for swing traders.
Yesterday we had bearish engulfing daily candlestick and daily closure below 1.5925 corresponding to 50% Fibonacci level which is bearish signal.

 


Show full picture

 

Yesterday we mentioned that 1.5985 is the key-level for the bulls so breakout below it allowed the pair to reach the 1.5875 level quickly.
After the GBP/USD pair has made bearish breakout below the depicted bullish channel, it is testing 1.5880 which is significant support level.
The bearish movement of yesterday renders 1.5965-1.5985 a good SELL entry for a possible mid-term bearish movement towards 1.5777.
Price levels 1.5965-1.5985 correspond to the backside of the broken channel and Fibonacci levels 50% and 61.8% of the latest bearish swing.
Break of 1.6060 invalidates the current bearish scenario.

 


mohamedsamy
mohamedsamy
Performed by
analytical expert: Mohamed Samy
InstaForex Group © 2007-2017
 Published: 4 Apr 2012, 08:02 UTC+00

 
Recommend: Forex Analytics
 
Daily analysis of major pairs for August 21, 2017
21 Aug 2017, 13:30 UTC+00   
Views today 2400
Global macro overview for 21/08/2017
21 Aug 2017, 12:14 UTC+00   
Views today 2359
USD/JPY profit target reached perfectly, prepare to buy again
21 Aug 2017, 05:57 UTC+00   
Views today 2323
Intraday technical levels and trading recommendations for EUR/USD for August...
21 Aug 2017, 15:18 UTC+00   
Views today 2322
Elliott wave analysis of EUR/JPY for August 21, 2017
21 Aug 2017, 12:59 UTC+00   
Views today 2314



Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
55%
from InstaForex
on every deposit