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Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 50% Fibonacci level around 1.5275.
Now there are two established bottoms around 1.4825 and 1.5050, Moreover, the GBP/USD pair expressed daily closure above 1.5130-1.5180 during the past consolidation days.
Price zone 1.5025-1.5050 (upper limit of the broken descending channel) was not tested. However, the pair is now trying to fixate above its support level 1.5275 (50% Fibonacci) which is bullish signal towards projection target around 1.5400 (61.8% Fibonacci).
Failure to remain above 1.5280 will probably bring bearish pressure again into the market for retesting of 1.5180 at least.
Price action should be watched around 1.5400 as bearish rejection will give a valid SELL signal with SL located just above 1.5470.
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 - narrow 150 pips range - consolidation, bullish breakout for July 25, 2013
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