17.03.201514:22 Forex Analysis & Reviews: GBP/USD intraday technical levels and trading recommendations for March 17, 2015

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.

Overview:

On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after an ascending bottom was established around 1.5170-1.5200, indicating bullish sentiment on the market.

Projection target for this bullish breakout has already been reached around 1.5550 where the previous daily bottoms were located (daily resistance).

Two weeks ago, the bearish breakdown of a lower limit of the depicted channel occurred, enhancing the bearish side of the market and confirming the Flag pattern as a bearish one.

Significant bearish pressure was applied over the price level of 1.5200 (R2) then 1.4950 (R1=breached weekly support).

Bearish persistence below 1.4950-1.5000 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.

Yesterday, bullish recovery existed after retesting of 1.4700 despite the ongoing long-term bearish momentum.

Bulls should keep defending the recently established low at 1.4700 in order to gather enough momentum to initiate a bullish corrective movement. Initial bullish target would be located at 1.5000.

Trading recommendations:

Wait for a bullish pullback towards 1.4950-1.5000 for a low-risk SELL entry. SL to be set as daily closure above 1.5015.

TP levels should be set at 1.4900, 1.4840 and finally at 1.4700.

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.