FX.co ★ GBP/USD: Intraday technical analysis for March 12, 2013

Pair: GBP/USD (pound dollar)

Overview:

According to the previous events, the price has still been trapped between 1.4810 and 1.4920. Therefore, first step is to wait for a period of tight sideway range market before breakouts. The market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 1.4800 with a first target of 1.4960 and it will climb towards 1.5000. However, if the pair cannot break 1.5000, hence the market will indicate a bearish opportunity below 1.5000 then the level will act really as strong resistance, for that it will be a good sign to sell below 1.5000 with a first target of 1.4900 and it will call for downtrend in order to continue bearish towards 1.4805 (the weekly support 1).

• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios became invalidated.
• Stop loss should never exceed your maximum exposure amounts.

Strong levels

1.4986| 1.4958 | 1.4927

1.4832| 1.4855 | 1.4899

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.