Intraday technical levels and trading recommendations for GBP/USD for April 4, 2014

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Show full picture Around price level of 1.6780, a double-top pattern scenario was established with the neckline located around the price zone of 1.6620-1.6660. Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target. The recently achieved low of 1.6465 (also corresponding to a previous uptrend line) prevented further decline. Yet, the bulls were unable to fix above 1.6630-1.6666 (corresponding to a prominent top established on January 24). A slide below price zone of 1.6550-1.6535 applies bearish pressure on the pair to pursue towards lower lows around 1.6510 and 1.6470. Otherwise, the uptrend remains intact and the bulls would be targeting at 1.6750-1.6775. Show full picture As suggested, the price zone of 1.6666-1.6690 offered a valid sell entry. Stop loss should be lowered to be four-hour…


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