FX.co ★ GBP/USD technical analysis for February 6, 2013

DESCRIPTION:

If we look at the intraday charts, this currency still has a healthy bearish momentum, which was indicated by all the three Moving Averages form the "Death Cross" formation pattern. The price still makes a lower-high and lower-low. Although, two days ago this currency breached bellow the 1.5775 level, today the GBP/USD pair must reach 1.5575 as the proof it still has a good bearish momentum. If today it cannot reach 1.5575, there will a possibility for this currency to go up again at least just for the little pullback.

Recommendation:

SELL at 1.5624.

Take profit is at 1.5610.

Stop loss is at 1.5634.

Or

BUY stop pending order at 1.5668.

Take profit. 1 is at 1.5681.

Take profit. 2 is at 1.5703 (optional).

Stop loss is at 1.5647.

Best regards,

Arief Makmur

Official Analyst of InstaForex Companies Group

InstaForex Companies Group

https://instaforex.com

Email: Arief.jakarta@indo.instaforex.com

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