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Overview:
On March 2, bearish breakdown of the lower limit of the previous DAILY channel occurred enhancing the bearish side of the market.
Persistence below the price zone of 1.4950-1.5000 indicated a further bearish decline.
Initial projection target for this bearish breakout was located at 1.4700. Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.
Evident bullish recovery emerged 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 1.5350 (upper limit of the ongoing H4 channel) for retesting.
Recently, the zone between 1.5000-1.5050 (lower limit of the H4 channel and 50% Fibonacci) turned to be an intraday support when further retesting takes place.
On the other hand, the price action should be watched around the current price levels (1.5300-1.5350) for a low-risk sell entry.
Bearish targets would be located at 1.5200, 1.5110 and possibly 1.5050 if enough bearish momentum is expressed.
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 © 2007-2015 |
GBP/USD intraday technical levels and trading recommendations for April 28, 2015
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