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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.
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 |
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contacting finance department
at finance@hiwafx.com
or via livechat.
Terms & Conditions
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
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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.
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.
