GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970 which has been providing considerable support for the pair.
The lower limit of the depicted 4H channel provided considerable support pushing the GBP/USD pair to the upper limit of the bearish 4H channel around 1.6170 which acted as intraday resistance.
The lower limit of the broken DAILY channel was retested around the price zone of 1.6160 - 1.6180 last week. It triggered a suggested SELL entry with SL located above 1.6215 which is running in profits.
Some profits should have been taken off the SELL entry in order to avoid possible short-term bullish retracement.
Price Action towards DAILY SUPPORT around 1.5960 and 50% Fibonacci around 1.5920 should be watched as it is considered to be a strong Intraday Support Level.
Support: 1.6020, 1.5960, and 1.5920.
Resistance: 1.6070, 1.6125, 1.6070, 1.6175, and 1.6260.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD Intraday Technical Analysis and Trading Recommendations for October 22, 2012 . Thanks for your support on GBP/USD Intraday Technical Analysis and Trading Recommendations for October 22, 2012
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