20.03.201418:56 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for March 20, 2014

Long-term review

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Successive ascending bottoms were established on the daily chart. This means the uptrend line established in September 2013 is still intact.

Price level of 1.3900 corresponding to 100% Fibonacci Expansion has been successfully hit a few days ago.

After topping at 1.3965, the EUR/USD pair showed indecision that continued for a few days. This was manifested in the previous few daily candlesticks.

Re-fixation below 1.3900 brought the pair directly towards 1.3840 which got broken too. The pair is currently heading towards price zone of 1.3700-1.3650 as long as the current resistance level of 1.3820 remains defended by the bears.

The market may offer a valid BUY entry at retesting of the uptrend line that corresponds also to a prominent demand zone 1.3700-1.3650. SL should be located below 1.3600.

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