The previous multiple tops as well as a recent bottom were established around 1.6250. That's why a considerable support was provided around this price level.
The 4H chart reveals an inverted bullish Head and Shoulders pattern which was expressed around 1.6220 aiming at a 1.6470-1.6500 "previous prominent resistance zone".
Four-hour breakthrough above the price zone of 1.6470-1.6500 opened the way directly towards 1.6580 rendering price zone of 1.6600-1.6630 as a coming target zone.
Previous congestion/consolidation zone is located around 1.6550-1.6590. Selling pressure may be applied at retesting which is taking place today. However, breakthrough above this zone will allow further bullish momentum to be gathered.
On the other hand, refixation again below 1.6470 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6370 then at 1.6250 as well.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBP/USD intraday technical levels and trading recommendations for February 12, 2014. . Thanks for your support on GBP/USD intraday technical levels and trading recommendations for February 12, 2014.
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