MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Intraday technical levels and trading recommendations for GBP/USD for January 7, 2015

gbpusddaily.jpg


Previously, the GBP/USD pair found temporary DEMAND around 1.5550 where many lows were established within a congestion zone back in November 2014.


A bearish breakout was expressed after successive unsuccessful attempts back in 2014.


A bearish flag pattern is obvious on the daily chart, similar to what happened back in October. The bearish breakout of this continuation pattern enabled bears to reach price level of 1.5550 directly.


The final bearish target would be the level of 1.5140 where the lower limit of the movement channel is located.


gbpusd4h.jpg

Consolidation movement ranging between the price levels of 1.5770 and 1.5550 represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.


As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. The bears have already reached price level of 1.5160 that hasn't been hit since August 2013.


Potential projection target for the flag continuation pattern should be located around 1.5140 down to 1.5100, where the lower limit of the current movement channel is located.


Conservative traders should wait for a bullish pull-back towards the recent SUPPLY zone around 1.5480-1.5550 for a low-risk SELL entry. The stop loss should be located above 1.5560.


Note that the price level of 1.5480 corresponds to 50% Fibonacci level as well as multiple previous bottoms established back in December.


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