GBPUSD - Intraday Strategy (02 Apr 2013)

Recommendations: SHORT positions below 1.5175 with 1.5090 & 1.5025 as next targets.
Alternative scenario: The upside breakout of 1.5175 will call for a rebound to 1.5235/320.
Description: The pair trades below its resistance at 1.5175, below this level look for further downside losses towards 1.5090 & 1.5025 levels, a break above 1.5175 - an hourly close is better - will reverse risks to the upside and bring rebound towards 1.5235/320 levels.

Best Regards

Haitham

Views: 883

Comment by Alexander on April 2, 2013 at 4:23pm

Thank's for your work!

Comment by Haitham653 on April 2, 2013 at 8:16pm

EURUSD: The pair is under pressure , but as long as the key support 1.2750 holds on a 4 hour closing basis, the pair might recapture 1.2880 with a breach targeting 1.2940 ahead of 1.3047 levels.Only a 4 close below 1.2750 would reverse risks to the downside and target 1.2680/25 levels ahead of 1.2500 levels.

Comment by Haitham653 on April 3, 2013 at 2:37pm

Very important :GBPUSD broke below the main support 1.5091, this scenario should bring more fall in nearest future , next resistance is at 1.5175 levels where resumption is suggested , but an hourly close above this level would delay the bearish move testing the main resistance at 1.5257, so  as long as 1.5257 holds, Intraday trend is bearish and fall from 1.5257 could extend beneath 1.5000 levels, an hourly close  above 1.5257 will completely change the trend from bearish to bullish..

Anyway, remember , you could long in the break of 1.5175 but your target should be below 1.5257 levels..

Comment by Haitham653 on April 4, 2013 at 7:14am

Finally , It dips almost 100 pips...

Comment by Haitham653 on April 4, 2013 at 11:07am

GBPUSD: new resistance appears at 1.5110, while this level holds, expect a break below 1.5025, an hourly close above 1.5110 will delay the bearish move and bring rebound towards 1.5175 levels..

Comment by Haitham653 on April 4, 2013 at 11:38am

Resistance levels are 1.5110, 1.5175 and 1.5257(main)..

Look for sell trades below 1.5110 after rejection, buy on the break of 1.5110 with target below 1.5175, below 1.5175 look for sell trades after rejection or buy on the breakout of 1.5175 with target below 1.5257 levels, do the same with 1.5257...sell after rejection or buy on the breakout....

In all, as long as the key resistance 1.5257 holds the pair will remain biased to the downside.. 

Use the 1 hour chart to confirm the breakout...

Comment by Haitham653 on April 4, 2013 at 4:32pm

look at the chart posted below, how 1.5110 served as strong support after the breakout and pushed the pair towards 1.5200 levels...

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