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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 three established bottoms around 1.4825, 1.5050 and 1.5270 (which is being established) Moreover, the GBP/USD pair expressed daily closure above 1.5270 (61.8% Fibonacci). However, strong bearish pressure may be applied off 1.5400.
Price action should be watched around 1.5400 as bearish rejection will give a valid SELL signal with SL located just above 1.5470.
Reconsolidation below 1.5280 will probably bring bearish pressure again into the market for retesting of 1.5180 at least.
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Performed by Mohamed Samy, Analytical expert InstaForex Group © 2007-2013 |
Will GBP/USD react bearishly on testing 1.5400 for July 29, 2013
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