empty
 
 
18.07.2014 04:42 PM
GBP/USD intraday technical levels and trading recommendations for July 18, 2014

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

Bullish breakout above the DAILY bearish channel took place exposing price levels around 1.6985 as a projection target.

Simultaneously, daily closure above 1.6820 took place enhancing a bullish impulse towards 1.6900 and 1.7000.

The GBP/USD pair managed to break through the psychological resistance around 1.7000 which previously provided extensive bearish pressure during the last visit on May 6.

Bullish pressure was applied at retesting the bullish channel lower limit depicted on the 4H chart. This pushed the pair towards 1.7150 where the upper limit of the depicted channel is located.

Bullish pressure was once applied as a trial to break through the upper limit of the 4H movement channel. However, lack of follow-through existed as bullish pressure being applied was not enough to ensure success of the bullish breakout.

On the other hand, Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles with SL located just above 1.7190.

The price levels of 1.7050 constitute a significant support level to meet the pair on its way downwards. It's also the key level to determine how deep bearish correction can go before resuming the bullish momentum.

The GBP/USD pair remains trapped roughly between 1.7170 and 1.7050 ( which is being tested today ). Breakout in either direction is needed to pursue towards further targets.

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 $5000 más!
    ¡En Noviembre, sorteamos $5000 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
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 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