The GBP/USD pair has broken down a long-term uptrend line that came to meet the pair around 1.6000 confirming a giant Double Top pattern targeting 1.5330 which has just been hit shortly before.
It was mentioned last week that the price zone of 1.5550-1.5490 should be watched for price action. However, bearish bias was so obvious that the pair could break it down reaching 1.5290 quickly.
Previous July 25′s low (1.5450) and July 12′s low (1.5390) have been broken too, opening the way towards more important support level located at 1.5267 (1st of June’s low).
Based on the long bearish swing that occurred during the last few days without significant retracement, Price zone 1.5250-1.5280 is considered a valid BUY entry with SL as daily closure below it.
The first resistance levels which were mentioned are located at 1.5450, 1.5550, and 1.5570.
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.
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| Performed by Mohamed Samy, Analytical expert InstaForex Group © 2007-2013 |
GBP/USD intraday technical analysis and trading recommendations for February 20, 2013
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