GBP/USD intraday technical and fundamental review for June 17, 2013
The pair succeeded in penetrating the top of reversal 123 pattern with the stability above the top located at 1.5580.
The GBP/USD pair is trading near successive resistance levels that begin with 1.5680 and extend until 1.5830.
The continuation of the pair to trade within the region enhances the scenario of slightly bullish fluctuation as long as the pair fixates above 1.5480 (most recent bottom), where it is expected to continue towards 1.6000 in the context of achieving the objectives of reversal pattern.
- The most prominent levels to follow-up:
Price Zone 1.5800-1.5830 is expected to express some bearish pressure even if it is not true reversal.
Price Level 1.6000 psychological level and the first target for the confirmed 123 pattern.
Price Zone 1.5580-1.5600 is a prominent demand zone (retest zone for the confirmed pattern).
1.5480 is considered a pivot support point that should be broken in order to initiate mid-term bearish movement again.
The expected direction remains fluctuant with bullish tendency with the possibility to take advantage of any coming retracement towards 1.5600 with targets at 1.5800.
The material has been provided by InstaForex Company – www.instaforex.com