Wednesday, July 13, 2016

GBP/USD: Fibonacci Analysis

 
2016-07-13 14:27 (GMT+2) GBP/USD
There is a chance of downward correction before growth resumes.
On the 4-hour chart, the price tested the level of 1.3325 (23.6% correction) and is currently trading near a crossover with the 38.2% arc. A breakout of the level of 1.3325 would lead to further growth towards the levels of 1.3540 (crossover with the descending 61.8% fan line, 23.6% correction for the medium-term trend) and 1.3650 (38.2% correction). Otherwise, the price could resume its fall along the descending 50% fan line towards the levels of 1.3080 and 1.2800.
On the daily chart, the price bounced off the level of 1.2800 and is heading towards the level of 1.3540 (23.6% correction). From there it is likely to reverse and start falling towards June lows near the level of 1.2800.

Trading tips
Sell the pair after the price consolidation below the level of 1.3200 with the target at 1.3080 and stop-loss at 1.3245. Add to the short position after the breakdown of the level of 1.3080 with the target at 1.2800.

Alternative scenario
Buy the pair after the breakout of the level of 1.3325 with targets at 1.3540, 1.3650 and stop-loss at 1.3290.

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 1.3190
Take Profit 1.3080
Stop Loss 1.3245
Key Levels 1.2800, 1.3080, 1.3325, 1.3540, 1.3650

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3330
Take Profit 1.3540, 1.3650
Stop Loss 1.3290
Key Levels 1.2800, 1.3080, 1.3325, 1.3540, 1.3650


https://my.hiwayfx.com/partner/links/go/139
The Bonus is not granted automatically.
The client must claim / request the Bonus by
contacting finance department
at finance@hiwafx.com
or via livechat.
 Terms & Conditions
https://my.hiwayfx.com/partner/links/go/893

with
 M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU WILL NEVER TRADE ALONE -
https://www.facebook.com/LORDOFTRUTH https://twitter.com/thelordoftruth https://plus.google.com/u/0/+msameralreifae/posts

YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS 
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED. 
 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend.