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    GBP/USD intraday technical levels and trading recommendations for April 24, 2015

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    Overview:

    On February 5, a transient bullish channel was established between 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.

    Persistence below the zone between 1.4950-1.5000 indicated 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. Since then, successive higher highs have been established on the H4 chart.

    As anticipated, daily closure above 1.5060 (50% Fibonacci level) ended the ongoing bearish momentum. Thus, exposing the next resistance level at 1.5170 (R2) for re-testing.

    Recently, the zone between 1.5000-1.5050 turned to be Intraday support when further re-testing takes place.

    On the other hand, price action should be watched carefully whithin retesting of the level of 1.5170 (R2) for a possible sell entry.

    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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