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Transient bearish pressure has been applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).
Sideways movement with slight bearish tendency was expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).
The recently-established demand zone at 1.5000-1.5080 (38.2% and 50% Fibonacci levels) will probably provide significant bullish pressure for further retesting offering a valid long-term buy entry.
Persistence above the zone of 1.5000-1.5080 exposes the next weekly supply zone at 1.5500-1.5550 as depicted on the chart.
Note that the level of 1.5350 corresponds the previous consolidation range (February 2015). A risky intraday sell entry can be anticipated around the current prices.
On the other hand, the recent demand zone between 1.5000 and 1.5080 (38.2% and 50% Fibonacci levels) will probably offer a valid long-term buy entry as soon as retesting takes place.
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Performed by Michael Becker, Analytical expert InstaForex Group © 2007-2015 |
Intraday technical levels and trading recommendations for GBP/USD for April 29, 2015
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