Fundamentally, the pound sterling Pound rose quickly after showing a sharp decline in the unemployment rate. This enhanced the image on the economic recovery of the UK.
The bulls managed to break through 1.6450-1.6490 (61.8% - 50% Fibonacci levels and the upper limit of the ongoing channel). This invalidated our short-term bearish scenario.
Today, the GBP/USD pair successfully hit 1.6660 after the positive fundamental data released this week.
A shooting-star 4H candlestick was expressed off there indicating a bearish correction towards 1.6560 initially.
Technically, the GBP/USD has two important DEMAND zones, one located at 1.6555-1.6575 and a more prominent one at 1.6450-1.6480.
As long as the view remains bullish, price level 1.6450 (61.8% Fibonacci) will probably offer a valid BUY entry at retesting (corresponding to backside of upper limit of the broken channel).
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Intraday technical levels and trading recommendations for GBP/USD for January 24, 2014 . Thanks for your support on Intraday technical levels and trading recommendations for GBP/USD for January 24, 2014
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