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    GBP/USD intraday technical levels and trading recommendations for April 23, 2015

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    Overview:

    On February 5, a transient bullish channel was established around the levels of 1.5170-1.5200.

    The estimated target for this bullish channel was approached at 1.5550 where the previous daily bottoms were located (solid resistance level).

    Then, a bearish breakdown of the lower limit of the channel occurred enhancing the bearish side of the market confirming the Flag pattern as a bearish one.

    A significant bearish pressure was applied at the levels of 1.5170 (R2), and 1.4990 (R1 = broken weekly bottom) leading to a quick breakdown.

    Persistence below the zone between 1.4950-1.5000 indicated a further bearish decline. The initial projection target for this bearish breakout was located at 1.4700 then the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

    Last week, evident bullish recovery originated at 1.4560 pushing the GBP/USD pair above the level of 1.4700 looking for better prices to sell.

    As anticipated, the bullish pullback towards 1.5000-1.5050 should be used to sell the pair off (the price zone between R1 and 50% Fibonacci level). T/P levels remain projected at 1.4850, 1.4800, and 1.4720.

    On the other hand, a daily candlestick closure above 1.5060 (Intraday Resistance = R2) invalidates this scenario.

    Also note that a daily closure above 1.5060 (50% Fibonacci level) is likely to the newly-established uptrend on the H4 channel. Thus, exposing the next resistance level at 1.5170 (R2) for retesting.

    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
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