Trading recommendations :
- According to the previous events, the GBP/USD pair is still moving between 1.6640 and 1.6570.
- Sell at the level of 1.6640 with the first target at the 1.6625 price, then It will call for downtrend in order to continue its bearish movement towards 1.6590 in order to test this strong support (it should be noted that the price of 1.6583 is going to form a double bottom in H4 chart).
- Notwithstanding, the stop loss should be placed at the level of 1.6685.
- If the trend fails to close below the level of 1.6583, it will a good sign to buy at this level in the short term with targets at 1.6610, then it is going to continue towards the 1.6630 price today.
Intraday technical levels:
Date and Time: 12/03/2014 10:40
Pair: GBP/USD
- R3: 1.6706
- R2: 1.6679
- R1: 1.6649
- PP: 1.6622
- S1: 1.6592
- S2: 1.6565
- S3: 1.6535
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/USD for March 12, 2014 . Thanks for your support on Technical analysis of GBP/USD for March 12, 2014
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