Daily fixation below this price zone enabled the pair to reach 1.6464 as a projection target.
The recently achieved low at 1.6465 prevented further decline. However, there is still no clear signals of bullish reversal.
Four-hour fixation above 1.6690-1.6700 will probably signal weakness of the bears to pursue their uptrend exposing price level of 1.6775 for retesting.
Now the price zone of 1.6650 will probably offer a valid SELL entry at retesting (50% Fibonacci of the latest bearish swing).
Stop loss should be the four-hour closure above 1.6690.
On the other hand, falle below 1.6555 will expose 1.6500 and 1.6470 immediately.
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 March 27, 2014 . Thanks for your support on Intraday technical levels and trading recommendations for GBP/USD for March 27, 2014
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