Intraday technical levels and trading recommendations for EUR/USD for April 17, 2015

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The market was aggressively pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The EUR/USD pair has lost almost 1600 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level around 1.0550 (established on January 1997).


The recent monthly closure remains negative for the EUR/USD pair in the long term.


Bearish breakdown of the monthly demand level at 1.0550 should be anticipated as theoretical long-term targets are projected towards 0.9450.


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The obvious bearish breakout of the weekly demand level at 1.1100 enhanced the bearish side of the market exposing lower targets.


Full projection targets of the Flag pattern were successfully reached at 1.0800 and 1.0500.


As we anticipated, after such a long bearish rally (which started off 1.1300) bullish rejection was expressed at 1.0570 (monthly demand level).


Shortly after, the EUR/USD pair failed to keep pushing above the depicted uptrend line. Hence, a double-top reversal pattern was executed around 1.1030.


The daily fixation below the level of 1.0750 (neck-line) confirmed the reversal pattern, thus extending the projection target for the EUR/USD pair towards the level of 1.0330.


Today, a bullish pullback towards 1.0750-1.0770 (reversal pattern's neckline) is taking place. Hence, a valid sell position can be taken around the current prices.


Stop Loss should be set as a daily closure above 1.0770.


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Daily analysis of USDX for April 17, 2015

The bears are trying to make the USDX to test the support level at 96.30 in the short and medium terms. For now, it's not advisable to add long positions at this stage because the Index remains very strong in the current corrective move. Also, we could expect a rebound when that support zone is reached, but we want to remain bearish until the prise tests that level.


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The USDX is in a decisive cycle because the USDX could find a strong floor at the support level of 96.67performong a breakout at the support zone around 96.99. Now, we remain bearish until that level, but in the medium and long terms, we don't recommend following a strong “bearish bias", as the most overall trend is still bullish.




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Daily chart's resistance levels: 97.83 / 99.12


Dailychart's support levels: 96.30 / 94.87


H1 chart's resistance levels: 97.32 / 97.70


H1 chart's support levels: 96.99 / 96.67






Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.70, take profit is at 97.32, and stop loss is at 98.06.


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Daily analysis of GBP/USD for April 17, 2015

The corrective move remains very strong, at least in the daily chart, because GBP/USD is heading towards the resistance zone of 1.5125, which is likely to be tested in the next week. By the way, if the pair reachs that level, we could expect a pullback there. GBP/USD could ride the overall bearish trend again.


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GBP/USD formed another bullish pattern and is currently following a bullish cycle above the 200 SMA in the H1 chart. Now, we can see a fractal formation near to resistance level at 1.5047. If the pair breaks that zone, it would open the way to test the level of 1.5112, which is an important monthly high. The 200 SMA is still bullish.


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Daily chart's resistance levels: 1.5125 / 1.5248


Dailychart's support levels: 1.4976 / 1.4820


H1 chart's resistance levels: 1.5047 / 1.5112


H1 chart's support levels: 1.4979 / 1.4954






Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5125, take profit is at 1.5248, and stop loss is at 1.4980.


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GBP/USD intraday technical levels and trading recommendations for April 17, 2015

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Overview:


On February 5, a transient bullish channel was established around the levels of 1.5170-1.5200.


Estimated target for this bullish channel was reached at 1.5550 where the previous daily bottoms were located (solid resistance level).


Then, a bearish breakdown of the lower limit of this channel occurred enhancing the bearish side of the market and confirming the Flag pattern as a bearish one.


A significant bearish pressure was applied at the levels of 1.5200 (R2), and 1.4950 (R1 = broken weekly bottom) leading to a quick breakdown.


Persistence below 1.4950 indicated further bearish decline. The initial projection target for this bearish breakout was located at 1.4700.


A bearish breakdown of 1.4700 enabled the pair to resume its bearish trend towards 1.4550 where a lower daily bottom was achieved (below 1.4700 which is the most recent bottom).


This week, evident bullish recovery originated around these levels pushing the GBP/USD pair above 1.4700 again looking for better prices to sell the pair off.


Currently, the bullish pullback towards 1.4950-1.5000 has already taken place (significant resistance zone) probably offering a low-risk short entry.


S/L should be set as a daily closure above 1.5025 while T/P levels should be placed at 1.4860, 1.4800 and 1.4720.


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USD/CAD intraday technical levels and trading recommendations for April 17, 2015

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Overview:


Since bulls have pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.


The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (a daily closure below 1.2350).


Recently, successive lower highs were established within the depicted consolidation zone enhancing the bearish side of the market.


Moreover, support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were finally broken on Wednesday after providing significant support for several weeks on the daily and weekly charts.


A daily closure below 1.2300 clears the way for the USD/CAD pair towards the zone between 1.2050-1.2000 (where the projection target of the recent range breakout is located).


Trading recommendations:


Conservative traders should be waiting for a bullish pullback towards 1.2300-1.2350 for a low-risk sell entry.


S/L should be set as a daily closure above 1.2370 while T/P levels should be placed at 1.2220, 1.2150 and 1.2050 respectively.


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Gold analysis for April 17, 2015

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Overview:


Since our last analysis, gold has been trading sideways around the price of $1,204.00. According to the daily time frame, we can observe supply in a volume above the average, but the price action is weak (weak supply). I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 61.8% at the price of $1,208.00 (on the test). I have also placed Fibonacci expansion to find potential bullish objective points and have got Fibonacci expansion 61.8% at the price of $1,232.00 and Fibonacci expansion 100% at the price of $1,263.00. Major resistance is around the price of $1,220.00. Only if the price breaks that level, we may see a stronger bullish movement. The short-term trend is bullish.


Daily Fibonacci pivot points:


Resistance levels:


R1: 1,205.91


R2: 1,209.35


R3: 1,215.00


Support levels:


S1: 1,194.85


S2: 1,191.50


S3: 1,185.90


Trading recommendations: Be careful when selling gold since we have demand in a high volume, according to the H4 time frame. Buying positions above the level of $1,220.00 are preferable.


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Technical analysis of USD/CAD for April 17, 2015

General overview for 17/04/2015 10:00 CET Downward wave progression in corrective wave (a) blue of wave 4 green had moved even little lower than anticipated. This is why the count changed. There is still a possibility of an upside rebound right to the level of 1.2384 and a bullish divergence seems to be supporting this scenario. Nevertheless, the market hasn't finished with the down side and after wave (b) blue is completed, wave (c) blue is expected to move downwards. Support/Resistance: 1.2141 - Intraday Support 1.2204 - Intraday Resistance 1.2250 - Intraday Resistance|Key Level 1.2276 - WS2 1.2387 - Technical Resistance Trading recommendations: Daytraders should consider opening buy orders from the current levels and set the SL below the level of 1.2141 and TP at the level of 1.2250. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for April 17, 2015


Technical outlook and chart setups:


Silver is unchanged in its bullish setup for now. The metal is trading at the level of $16.30 and it is expected to continue rally towards $17.40/50 and $18.40 respectively. Please note that it is still holding the fibonacci 0.618 support at $16.00. It is recommended to remain long and also look to take fresh long positions on dips. Immediate support is seen at $16.00 followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50 (interim), followed by $18.40/50 and higher respectively.


Trading recommendations:


Remain long, stop at $15.30, target is open.


Good luck!


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Technical analysis of Gold for April 17, 2015


Technical outlook and chart setups:


Gold is trading around $1,200.00 now, looking to rally higher towards $1,240.00 soon. The metal remains in control of bulls util prices stay above $1,170.00. It is recommended to hold long positions with risk at $1,170.00. Immediate support is seen at at the level of $1,183.00 followed by $1,178.00, $1,162.00, and lower while resistance is seen at $1,240.00 followed by $1,280.00/85.00 and higher respectively. The metal is looking to print higher highs and higher lows now.


Trading recommendations:


Remain long, stop at $1,170.00, target is open.


Good luck!




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Daily analysis of major pairs for April 17, 2015

EUR/USD: Just like its GBP/USD counterpart, this pair is also making sincere effort to go north. From the support line at 1.0550, the price has moved upwards by 240 pips almost reaching the resistance line at 1.0800. The price is likely to continue going north, reaching another resistance line at 1.0900. By then, the extant bearish outlook would be rendered completely invalid.


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USD/CHF: There is a clear Bearish Confirmation Pattern on this currency trading instrument now, as it can be seen that the price has gone below the EMA 11 (and the EMA 11 itself is below the EMA 56). In addition, the Williams' % range period 20 is already in the oversold region. Therefore, it is expected that the downtrend would continue, taking the price towards the support level at 0.9500.


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GBP/USD: The cable has been unrelenting in its effort to go north, especially this week. From the accumulation territory around 1.4600, the price went upwards by 300 pips, it is battering the distribution territory at 1.4950 now. The distribution territory is being breached while I am writing this article; and once it gets completely breached, the next targets for bulls would be the distribution territories around 1.5000 and 1.5050.


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USD/JPY: This is also a bear market – for the price has succeeded in breaching the supply level at 119.00 to the downside. Recently, the supply level was, a stubborn demand level. But now, it has been overcome and further southward movement is expected.


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EUR/JPY: This cross is making commendable effort to rally as well. By the time the supply zone at 129.00 is breached to the upside, there would have been a confirmed bullish outlook.


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Elliott wave analysis of EUR/NZD for April 17 - 2015

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Technical Summary:


We have seen a new low at 1.3979 and wave five decline can be counted from 1.4547. So, we are getting closer to the bottom. However, as long as minor resistance at 1.4105 is protecting the upside, we will be looking for a move lower towards 1.3867 and maybe even lower to 1.3687 before the final low is in place. A break above 1.4105 is likely to be the first indication that a bottom could be in place.


Trading recommendation:


We are short EUR from 1.4145 and will move our stop+reverse of the EUR position lower to 1.4115. If our stop+reverse is hit at 1.4115 our new stop will be placed 5 pips below the bottom.


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Elliott wave analysis of EUR/JPY for April 17 - 2015

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Technical summary:


We are still certain that a firm bottom has been found at 126.02. The big question right now is which path the first minor wave has taken. Have we seen a series of waves one and two or has a leading diagonal developed? If prices are accelerating higher from here, a series of waves one and two is the correct answer, while a correction to 126.73 or slightly below will favor the leading diagonal. For now, we will wait for patiently and let the market show its real hand.


Trading recommendation:


We are long EUR from 126.96 and will move our stop higher to 127.45. If our stop is hit, we will re-buy EUR at 126.80 with a stop at 126.00


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Technical analysis and trading recommendation for Gold for April 17, 2015

The major forex currencies benefits from the USD weakness, but not the precious metal. The metal has been making a multiple top at the previous swing high of $1,210.00 in the four-hour chart. At yesterday's session, the US readings were published in negative bias. But the Philly Fed Manufacturing index gave a positive reading, which hurt metal prices. The gold edged lower from $1,208.80 multi-hour top. The metal was rejected at 100Dema again. The metal managed to close at 50Dsma. Today, the metal found support at 50Dsma $1,196.00 at the Asian session. The metal has been facing resistance between $1,210.00 and $1,212.00 respectively. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00 in the near term. We have been recommending big moves ahead with sl $1,178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. It is likely to make the double top at $1,208.70 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,208.70 and $1,210.00 previous swing high, and $1,212.00 100Dema. Intraday support is found at $1,196.00. We are not aggressive on buying and selling as well because the price has been consolidating in the multi- resistance zone. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00. On the down side, the level of $1,196.00 acts as support level on the closing basis. For an intraday volatility support is found at $1,194.00, $1,192.00, and $1,188.00. The selling pressure might be built below $1,196.00 and strengthen below $1,188.00. In case the price breaks below $1,188.00, bears can challenge $1,183.70 and $1,180.00. As we knew, $1,178.00 is the game-change level below $1,180.00. The hourly resistance is found at $1,202.00. We recommend speculative buying above $1,202.00 with targets at $1,208.00 and $1,210.00. Big spikes loom above $1,210.00. Traders can double their buying positions in case the price sustains above $1,210.00.


Trade: Buying above $1,207.50, selling below $1,198.00


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Technical analysis and trading recommendation for EUR/USD for April 17, 2015

Weak US economic data shifted the traders' attention towards the euro, which was beaten very hard. The UK is slowly approaching an election. As we knew, the pound has been was depressed ahead of election. This factor helped the euro to bargain hunting. The euro was trading higher against USD. This week's US data puts USD under pressure. The US currency moved down from 100.00. The pair gains for 3 consecutive days. At yesterday's session, the pair managed to breach the 20Dsma, but closed below that at the end of the day. Today, traders eye on the final CPI and core CPI. The Core CPI was improved to 0.7%. The resistance is seen at 1.0815,20Dsma and 1.0890 the 61.8fib extension.


The one-hour and four-hour time frames shifted to buying. Higher lows and higher highs are developing in the one-hour chart. The pair managed to close above the previous swing low at 1.0713 in the four-hour chart. These are the factors supported bulls. The intraday resistance is seen at the fib level of 61.8 1.0840 and 1.0890 (multi-hour high). The pair can stretch up to 1.0930. The big distribution pattern has been formed at 1.1055. We will re-analyze the trend in case the price closes above 1.1055. The double bottom is likely to be placed at 1.0520 and 1.0532. Higher highs and higher lows are forming in the H1 chart. Eventually, the positional view still favors bears. The intraday support is found at 1.0710 34hrsma and swing low. Negative divergence is developing in the hourly chart. We expect mild downticks from here on. Hourly-resistance zone is seen between 1.0804 and 1.0830. We recommend buying above 1.0830, 50pips.


Safe selling- below 1.0700 with targets at 1.0680, 1.0660, and 1.0620.


Risk takers- Selling below 1.0745 with targets at 1.0715, 1.0685, 1.0660 and 1.0620.


Buying above 1.0830 with targets at 1.0885


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Technical analysis and trading recommendation of GBP/USD for April 17, 2015

The UK economic data was muted at yesterday's session, moved higher supported by weak US data. The cable approached the multi-resistance zone yet again. In the past six occasions, the cable was rejected between 1.4973 and 1.5010. At yesterday's session, the cable made a high at 1.4970. The UK unemployment rate and claimant count change are due for release today. We expect positive economic data from the UK. We expect core CPI to print on a positive bias. In the context of technical view, hourly support is found at 1.4880. Resistance is seen at 1.5010 and 1.5055. On the past three occasions, the 50Dsma rejected the price. Until the price close below 1.5055, use sudden spikes to sell. Safe buying will trigger above 1.5055 with targets at 1.5130 and 1.5160 the 61.8 fib level. At yesterday's session, the pair closed above 20Dsma 1.4835. We recommend selling below 1.4880 with targets at 1.4820, 1.4800, and 1.4750. Below 1.4800, selling pressure might double towards 1.4750 and 1.4700.


Support: 1.4880, 1.4800, 1.4740


Resistance: 1.5010, 1.5055, 1.5135


Trade: Selling below 1.4880, buying above 1.5055


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Technical analysis of EUR/USD for April 17, 2015

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When the European market opens, economic news on Final Core CPI y/y, Final CPI y/y, and Current Account are due for release.The US will publish economic data on the Prelim UoM Inflation Expectations, CB Leading Index m/m, Prelim UoM Consumer Sentiment, Core CPI m/m, and CPI m/m. So, amid the reports, EUR/USD will move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0811.




Strong Resistance:1.0805.




Original Resistance: 1.0794.




Inner Sell Area: 1.0783.




Target Inner Area: 1.0758.




Inner Buy Area: 1.0733.




Original Support: 1.0722.




Strong Support: 1.0711.




Breakout SELL Level: 1.0705.








Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of USD/JPY for April 17, 2015

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In Asia, Japan will release data on Consumer Confidence. The US is expected to publish economic data about Prelim UoM Inflation Expectations, CB Leading Index m/m, Prelim UoM Consumer Sentiment, Core CPI m/m, and CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.




TODAY TECHNICAL LEVELS:




Resistance. 3: 119.63.




Resistance. 2: 119.40.




Resistance. 1: 119.16.




Support. 1: 118.89.




Support. 2: 118.65.




Support. 3: 118.41.








Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for April 17, 2015

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Review :



  • The strong support is seen at the level of 1.0684, but the minor support has been set at 1.0717. Moreover, the double bottom is likely to be set at 1.0684.

  • The EUR/USD pair will call for the bullish market from the levels of 1.0684 and 1.0717 on Friday.

  • On the other hand, the ratio of 61.8% Fibonacci retracement is expected at the level of 1.0838. So, the level of 1.0838 is represents strong resistance.

  • We expect the trend to be able to hit the other resistances in coming hours. Also, the range of the EUR/USD pair will move between the levels of 1.0835 and 1.0720 (about 115 pips today).


Trading recommendation :



  • According to the previous events, the price of the EUR/USD pair has still been moving between 1.0835 and 1.0720.

  • The level of 1.0684 is representing the double bottom, and the weekly support is set at the 1.0717 level.

  • Consequently, buy above the price of 1.0684 in the long term with the first target at 1.0790. If the trend will be able to break a minor support at 1.0790. it might resume to 1.0838


Warnings :



  • Stop loss should never exceed your maximum exposure amounts.

  • As a rule, the market is highly volatile if the last day had a huge volatility.

  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


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Technical analysis of GBP/USD for April 17, 2015

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Overview :



  • The trend movement was controversial as it took place in the narrow uptrend channel. Due to the previous events, the price of the GBP/USD pair is still trading between the levels of 1.4985 and 1.4811. So, it is recommended to be careful while making deals in this area as the market showed the signs of instability around 1.4985 (the key level on April 17, 2015). Therefore, it is necessary to wait until the sideways channel is passed through. Then, the market is likely to show the signs of a bullish trend above the level of 1.4985 (we expect a breakout above this strong level). In other words, buy deals are recommended above 1.4985 with the first target at the level of 1.5023. From this point, the pair is likely to begin an ascending movement to the point at 1.5058 and further to the level of 1.5126 (it will act as a strong resistance for this week because the level of 1.5126 represents the weekly resistance 2). However, if the pair fails to pass through the level of 1.4990, the market will indicate a bearish opportunity below the strong resistance level of 1.4990 (it means a false breakout). In this regard, sell deals are recommended lower than the 1.4985 level with the first target at 1.4910. There is a possibility that the pair will turn downwards continuing the development of the bearish trend to the level 1.4847 then 1.4805.


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#USDX technical analysis for April 17, 2015

The Dollar index continued to show signs of weakness. The price is pulling back down towards last weeks lows at 96.20. Support is being tested now at 97.05 and we should see an upward reversal or a deep correction soon.


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The Dollar index has reached the 61.8% and 78.6% retracement levels and has also broken below the cloud support. Bears are are in control of the index right now unless it breaks above 99. Short-term support is at 97 and at 96.


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Orange lines - bullish channel


The Dollar index remains inside the bullish channel. Tomorrow is options expiry and we may see a trend reversal in the Dollar index. As long as price is inside the channel and above 96 I will remain bullish targeting 101-102 in the short and medium terms.












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Gold technical analysis for April 17, 2015

Gold price remains inside the trading range of $1,222 and $1,180. The trend is neutral. The price moved back again below the Ichimoku cloud as bulls could not push the price higher than $1,209. Now, it remains to be seen if support at $1,180 gets broken.


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Red line = horizontal support


Green line = trend line support


Blue line = resistance


Black line = trend line resistance


Now , gold price trades below the Ichimoku cloud in the 4-hour chart. Bulls could not break higher than the intermediate high. This is a sign of weakness. On the other hand, bears still have not shown any sign of strength.


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The weekly chart provides us with a full picture of the Gold market. The price is trapped between the kijun- and the tenkan-sen. The rejection and bearish reversal at the 50% retracement is a bad sign. The price could not break the important resistance of the kijun-sen. Now, it is testing support at the tenkan-sen. Overall I remain longer-term bearish.


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Intraday technical levels and trading recommendations for GBP/USD for April 16, 2015

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Strong bullish rejection was expressed around 1.4700 (previous weekly low). A significant bullish weekly candlestick was expressed by the end of the week.


Shortly after, an evident bearish pressure was applied around 1.4960-1.5000.


This price zone corresponds to 38.2% Fibonacci level as well as the previous weekly demand, which was broken back in January 2015.


A sideways movement with slight bearish tendency has been expressed on the daily chart until bearish breakdown of the daily demand level at 1.4700 took place last week.


A projection target for this consolidation breakout was located around the price level of 1.4440. However, the GBP/USD bears failed to defend their DAILY SUPPLY at 1.4800.


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Recently, the GBP/USD pair failed to trade above the level of 1.4970. This brought the pair back towards the lower limit of a price range at 1.4700 where extensive bearish pressure was applied.


The pair has been trapped between the levels of 1.4700 and 1.4970. A false bearish breakout was taking place below 1.4700 until the GBP/USD bulls came back to trade above 1.4700.


As anticipated, H4 fixation above 1.4800 would ease the bearish pressure attempting to rally towards the price zone around 1.4950-1.4970 (consolidation zone's upper limit).


A valid SELL entry can be offered at retesting of the price zone of 1.4940 - 4970 (upper limit of the wedge pattern as well as 38.2% Fibonacci level).


Estimated bearish targets would be projected towards 1.4850, 1.4800 and 1.4730.


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