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 towards a 1.6470-1.6500 "prominent resistance zone."
A valid SELL position can be taken at retesting of 1.6500, initial targets are located at 1.6370, 1.6300 then 1.6240. SL should be located above 1.6560.
Stabilization of 4H above the price zone of 1.6470-1.6500 opens the way directly towards 1.6600 as an initial target.
On the other hand, breakdown of 1.6250-1.6200 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6140 initially.
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 11, 2014. . Thanks for your support on GBP/USD intraday technical levels and trading recommendations for February 11, 2014.
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