empty
 
 
29.11.2012 12:47 PM
GBP/USD Intraday Technical Analysis and Trading Recommendations for November 29, 2012

This image is no longer relevant
This image is no longer relevant

 

The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
Then the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780 which has not been hit so far.

 

On the 4H chart the GBP/USD pair is trapped within narrow range between 50% and 61.8% Fibonacci levels, breakout in either direction should be watched. However, a Double-Top pattern was confirmed with 4H closure below 1.5995 which enhances the short-term bearish view for the pair to be targeting at 1.5940.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Price levels around 1.5970 - 1.5600 constitute a strong DAILY resistance, hence providing a valid long-term SELL entry with SL located just above 1.6050.

 

Support:  1.5960, 1.5920, 1.5830,1.5800, and 1.5760.
Resistance:  1.6050, 1.6000, and 1.6030.  

Summary
Urgency
Analytic
Mohamed Samy
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback