23.11.201109:42 Forex Analysis & Reviews: GBP/USD Intraday Technical analysis

General overview for 22/04/2014 08:00 CET

The green rectangle target level has been missed by 10 pips, and the 50%Fibo had been hit again before the market reversed. The key level of intraday support at the level of 141.38 must be broken to confirm the wave 2 or B top is in place. Next levels are weekly pivot at the level of 141.22 and supply breakthrough zone between the levels of 140.96 - 141.08. If those two important levels of support are broken and the price action will be in shape of an impulsive decline, then the probability of a temporary top and trend reversal from it is highly increased and lower prices can be expected.

Support/Resistance:

142.21 - WR1

141.96 - Technical Resistance

141.81 - Intraday Resistance

141.76 - 50%Fibo

141.38 - Intraday Support

141.22 - Weekly Pivot

140.96 - 141.08 - Supply Breakthrough Zone

140.68 - WS1

140.23 - Swing Low

Trading recommendations:

- for swing traders: sell positions that had been opened last week from the big grey rectangle zone should still be kept open. Targets are much lower than a current prices. Adding to position is advised if the level 140.00 is broken.

- for daytraders: sell stop positions should be open from the level of 141.38 with SL above the level of 141.81 and TP at the level of 141.08.