GBP/USD intraday technical levels and trading recommendations for March 14, 2014
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…
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 pattern being established around 1.6450 (61.8% Fibonacci).
Confirmation of this pattern needs 4H fixation below 1.6600-1.6580 which leads directly to projection target located at 1.6440.
The material has been provided by InstaForex Company – www.instaforex.com
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GBP/USD intraday technical levels and trading recommendations for March 14, 2014
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