InstaForex - Analytics

    InstaForex

    695.00 6.50/10
    61% of positive reviews
    Real

    GBP/USD intraday technical levels and trading recommendations for March 13, 2015

    1426237304_gbpdaily.png

    Show full picture

    Overview:

    On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending bottom was established around 1.5170-1.5200 indicating bullish sentiment of the market.

    Projection target for this bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).

    Last week on Monday, an obvious breakdown of the lower limit of the depicted channel occurred, enhancing the bearish side of the market.

    Significant bearish pressure was applied over the price levels of 1.5200 (R2) and 1.4950 (R1 = Broken Weekly Support).

    Bearish persistence below 1.4950-1.5000 indicates a further bearish decline. Projection target for the recent bearish breakout would be located at 1.4700.

    Trading recommendations:

    Wait for a bullish pullback towards 1.4950-1.5000 for a low-risk SELL entry. SL to be set as daily closure above 1.5000. TP levels should be set at 1.4900, 1.4840 and finally at 1.4700.

    Mohamed Samy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree