Overview :
- The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price of GBP/USD will move in the midst of 1.6864 and 1.6753, so it is recommended to be careful while making deals in this zone. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above the 1.6733 level with the first target at the level of 1.6840. From this point, the pair is likely to begin an ascending movement to the point of 1.6864 and further to the level of 1.6925 (it will act as strong resistance for this week). However, if the pair fails to pass through the level of 1.6870, the market will indicate bearish opportunity below the resistance level of 1.6870. In this regard, sell deals are recommended lower than the 1.6870 level with the first target at 1.6790. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6763 then 1.6692 (the double bottom). It should be noted that the weekly resistance 2 is at the level of 1.6637. If you have sold below 1.6870, then you have to place a stop loss at 1.6930.
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 June 12, 2014 . Thanks for your support on Technical analysis of GBP/USD for June 12, 2014
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