GBPUSD – Intraday Strategy (31 Jul 2013)

Recommendations: SHORT positions below 1.5250  with 1.5195 & 1.5150 as next targets.
Alternative scenario:The upside breakout of 1.5250 will call for a rebound to 1.5295/355
Description: The pair trades below its resistance  at 1.5250, as long as this level holds ,the risk will remain to the downside towards 1.5200 ahead of 1.5150, an hourly close above 1.5250 will reverse risks to the upside towards 1.5300 , above 1.5295 will look for 1.5355 levels..

GBPUSD – Intraday Strategy (31 Jul 2013)

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Comment by Haitham653 on July 31, 2013 at 12:36pm

Both targets easily achieved ...note that the daily close below 1.5327 opens the way towards 1.5128 as mentioned yesterday.....

Comment by Erich Manstein on July 31, 2013 at 12:44pm

WD Haitham,very good job!

Comment by Haitham653 on July 31, 2013 at 12:51pm

In the medium term outlook , I expect 1.5128 to hold and contain downside from 1.5435 levels, a rally up is strongly suggested where a higher leg above 1.5435 might be seen, It's the daily %R Williams , It's in extended bullish divergence and still pointing higher beyond 1.5435 levels.

But in return, stability below 1.5128 on a daily closing basis would mix up things and  might expose 1.5026 and bring a free fall towards 1.4800 levels...

We need to keep an eye on 1.5128 the next coming days...

Comment by ogbonna john u on July 31, 2013 at 3:59pm

thanks for your analysis,i will always follow you daily

Comment by Haitham653 on July 31, 2013 at 6:54pm

If you back to my weekly forecast, I've said 1.5128 will contain any down move.....however ; .GBPUSD rebounded almost 100 pips from 1.5128 levels in a matter of hours...

Comment by Mohammad Nasser on July 31, 2013 at 7:16pm
Thanks sir about advices

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