05.05.201515:48 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for May 5, 2015

Long-term review

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Significant SUPPLY levels located around 1.5300 (weekly 38.2% Fibonacci level) and 1.5500 (weekly 50% Fibonacci level) have been providing significant bearish pressure over the GBP/USD pair for a few months.

Evident bullish recovery emerged off the price levels near 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

As mentioned in the previous articles, persistence above the zone of 1.5000-1.5080 exposed the weekly supply zone at 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level) where significant bearish pressure was applied.

Sideways movement with slight bearish tendency was expressed on the daily chart until a bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish candlesticks).

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) constitutes a prominent DEMAND level for the GBP/USD pair. Hence, it will probably offer a valid buy entry at retesting.

On the other hand, daily closure below the level of 1.4970 invalidates the ongoing bullish scenario giving more time for indecisive sideway movement.

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