empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

15.12.201417:21 Forex Analysis & Reviews: Intraday technical levels and trading recommendations on GBP/USD for December 15, 2014

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.

Exchange Rates 15.12.2014 analysis

As depicted on the chart, the GBP/USD pair established a consolidation range above 1.5890 up to 1.6100 for almost 20 days before bearish breakout could take place early in November.

Daily fixation below 1.5870 led bearish pressure to the pair so that it reached the price level of 1.5600 where a new consolidation zone is being established above.

Last week, the GBP/USD pair is finding intraday DEMAND around 1.5580-1.5550 where many recent lows were previously established back in November.

The DAILY outlook favors the bullish scenario initially towards 1.5800 provided that the bulls can fixate above 1.5720 soon enough (it could not happen until now).

The market is still finding resistance around 1.5720 (the upper limit of the depicted channel) and it may give some time for more sideway movement.

On the long term, it is either a double-bottom reversal pattern being established above 1.5580 OR another bearish flag pattern that waits for bearish breakout below 1.5550 (similar to what happened back in October).

Exchange Rates 15.12.2014 analysis

The 4H chart reveals the recent consolidation movement maintained within the limits of the depicted channel.

On the short term, conservative traders were waiting for a bullish pullback towards the price zone of 1.5680-1.5710 for a low-risk SELL entry. It was triggered last week on Friday. It is running in profits now. Stop Loss should be lowered to 1.5720.

As anticipated, obvious 4H fixation below the current Fibonacci levels zone (1.5680 - 1.5700 ) indicated an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.

InstaForex Analyst
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off