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Tuesday, March 13, 2012

GBP/USD Intraday Technical Analysis and Trading Recommendations for March 13, 2012


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Yesterday, the GBP/USD pair hit the remaining TP level for the H&S pattern at 1.5630 recording a daily low at 1.5601.
Trading below 1.5650 enabled the pair to reach 1.5600 quickly. However, the pair is not managed to break through the level 1.5650. Instead it shows some bullish rejection towards 1.5600.
The pair has established a new short-term downtrend line enabling the SELL-deals at 1.5740-1.5750 level which corresponds to the downtrend line & confluence of two fibonacci levels 61.8% & 38.2% of the depicted swings.
The targets for this SELL-deals are located at 1.5700, 1.5650 and 1.5590 levels while the SL is to be located above the 1.5870 level.
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