FX.co ★ GBP/USD technical analysis for February 20, 2013

DESCRIPTION:

Since two days ago, this currency already breached bellow 1.5475 again; and yesterday it was a second time for the GBP/USD breach. The pair closed bellow those level, but since two days ago 1.5500 has been acting as a strong resisistance. With all the three Moving Averages still making the Death Cross pattern, this currency pair still seems to be under bearish pressure and 1.5275 still will be the target to reach. As long as 1.5585 is not hit by this currency pair, the bearish momentum will continue.

Recommendation:

Sell stop (pending order) at 1.5406.

Take profit 1 at 1.5379.

Take profit 2 at 1.5336 (optional).

Stop loss at 1.5449.

Alternative:

Buy stop (pending order) at 1.5451.

Take profit at 1.5465.

Stop loss at 1.5441.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

https://instaforex.com

Email : Arief.jakarta@indo.instaforex.com

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