GBP/USD intraday technical levels and trading recommendations for March 14, 2014

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Show full picture After the breakout above 1.6600 took place, the GBP/USD pair has been trapped within a consolidation zone located between 1.6600 and 1.6800. The bulls found 1.6600 as a prominent support to concentrate around. That’s why a recent bottom was established there on the last visit on February 24. Price level of 1.6820 remains the highest level so far. A breakout above this level will allow a quick bullish swing to be initiated towards 1.6870, then possibly towards 1.7000 which are prominent tops on the weekly chart. Price zone of 1.6740-1.6700 (61.8% – 50% Fibonacci levels) remains the most prominent resistance zone on the 4H chart. This zone applied a considerable bearish pressure that lead to an obvious bearish daily candlestick. Price level 1.6600 corresponds to the neckline of a possible Double Top reversal…


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