Intraday technical levels and trading recommendations for GBP/USD



Strong bullish rejection was expressed around 1.4700 (previous weekly low). A significant bullish weekly candlestick was expressed by the end of the week. Shortly after, an evident bearish pressure was applied around 1.4960-1.5000. This price zone corresponds to 38.2% Fibonacci level as well as the previous weekly demand, which was broken back in January 2015. Transient sideways movement with slight bearish tendency has been expressed on the daily chart until bearish breakdown of the daily demand level at 1.4700 took place last week. Projection target for this consolidation breakout would be located around the price level of 1.4440.


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