23.04.201515:09 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for April 23, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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, transient bearish pressure was applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).

A sideways movement with slight bearish tendency had been expressed on the daily chart until yesterday when bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish daily candlestick)took place.

GBP/USD bulls should keep trading above their recently-established denabd level at 1.4970-1.5000 in order to achieve the targets of the previous bullish breakout scenario.

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

As anticipated, H4 fixation above the level of 1.4800 invalidated the bearish pressure attempting to rally towards the zone around 1.4970-1.5000 (Wedge-pattern's upper limit), which was breached as well.

Projection target for this Wedge-pattern should be located at 1.5100, 1.5190, and 1.5270, proving that bulls keep trading above their recently-established demand level at 1.4970-1.5000.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.