12.06.201216:28 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Linear Regression Channels for June 12, 2012

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The GBP/USD pair showed a significant bullish reaction towards Support level 1.5265 which turned our short-term view for the pair into bullish.
The 4H chart also reveals a significant resistance level located around 1.5635 which corresponds to the lower limit of a previous congestion zone which will be the key-level for this week's movement.
Today, GBP/USD failed to break the lower limit of the violet channel expressing a significant bullish price action manifested in the bullish hammer 4H candlestick which predicts a possible coming bullish move towards 1.5630 initially.

The 1H chart reveals the strong bullish reaction towards Price Level 1.5460 which corresponds to the lower limit of the bullish Blue channel.
The GBP/USD pair is currently testing the upper limit of the Violet channel and the mid-line of the Yellow channel around 1.5515 which constitute an Intraday Resistance for the pair.
The GBP/USD pair is expected to visit the upper limit of the Yellow channel around 1.5600 if the pair managed to breakthrough price level 1.5515.
The lower limit of the Yellow channel at 1.5425 constitutes a Strong Support Level also corresponding to a previous intraday bottom which was formed yesterday.
This support level at 1.5425 constitutes a valid low-risk BUY entry with SL located below 1.5380 with TP levels at 1.5500, 1.5550 & 1.5590.

If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.