empty
 
 
08.06.2012 06:11 PM
GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 8, 2012

This image is no longer relevant

Technical Outlook:

Last Friday the GBP/USD pair expressed a significant bullish reaction towards the support level 1.5280 which turned our short-term view for the pair into bullish.

As it was mentioned before, exceeding the Average Daily Range during the last three days of bearish movement indicated a possible bullish retracement which was expected to take place this week.

The GBP/USD expressed significant bearish price action towards the upper limit of its channels at 1.5595 and then managed to breakdown the lower limit of the same channels at 1.5515.

The GBP/USD pair has an Intraday Support Level at 1.5400 which corresponds to the Average Daily Range & the upper limit of previous congestion zone which is expected to show some bullish rejection even in the short term.

The depicted non-typical double buttom pattern renders price zone 1.5380-15400 as a significant Intraday support zone. In case it is broken through, the way towards 1.5290 will be open.

The GBP/USD pair has an Intraday Resistance Level at 1.5520 corresponding to the backside of the lower limit of the depicted broken bullish channels.

Based on the previous analysis

- The market offers a valid BUY entry around 1.5380-1.5400 with SL below 1.5320.

TP levels are to be located at 1.5450, 1.5495 & 1.5555.

If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.

Summary
Urgency
Analytic
Mohamed Samy
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback