The GBP/USD pair successfully achieved its projection target around 1.6600 after the bullish breakout above 1.6252 took place on November 27.
Further bullish movement took place towards the recent high at 1.6666. However, bearish engulfing daily candlestick was expressed off these high levels (1.6666) on Friday.
This week, the pair was brought back below 1.6600 extending down to 1.6530 and 1.6475 as well.
Fixation between these two levels renders the intraday bias of the pair unclear.
This week, bullish recovery is witnessed after testing the price zone of 1.6475-1.6500 corresponding to Demand zone between 50% and 61.8% Fibonacci levels of the bullish swing are between 1.6310 and 1.6666.
For Conservative traders, the pair remains neutral until it breaches 1.6666 or breaks-down 1.6475 levels.
The price zone of 1.6475-1.6500 is the key zone of this week's movement.
As expected, bullish fixation above this zone enhanced bullish momentum towards the recent high around 1.6660-1.6620.
On the other hand, re-fixation below it will probably apply further bearish pressure towards 1.6400 then 1.6320.
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 29, 2014 . Thanks for your support on Intraday technical levels and trading recommendations for GBP/USD for January 29, 2014
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