|GBP/USD : New bearish reversal below the resistance at 1.5643|
The pair GBP/USD failed to pursuit its bullish movement above the resistance at 1.5643. Last friday, a bearish rallye occured, pushing back the price below the major resistance at 1.5643. The breakout of 1.56 gave us a sell siganl;In h1, the movement led to an exit of the bullish channel. We expect a pullback on the resistance at 1.5643 before a pursuit of the bearish movement. The objective is at 1.55. The breakout of this level will give a new sell signal.
We stay bearish as far as 1.5663 (level 38.20% of the fibonacci retracements) is resistance. In case of return above this level, we will be neutral between 1.5663 and 1.5722.
Analysis published by Bruno, the 07/23/2012 at 09h15 GMT+2
Updated the 07/25 - The pair GBP/USD finaly continued its bearish movement without making a pullback on the major resistance at 1.5643 and our first bearish objective at 1.55 has been reached. The breakout of this level will open the way towards the support at 1.54. The bearish movement could be strong given the fact that an accumulation zone appears on the support at 1.55 since two days (several small candlesticks in a tight range).
We stay bearish as far as 1.56 is resistance. In case of return above this level, we will be neutral between 1.56 and 1.5643.
|Complete sheet of the pair GBP/USD - Previous GBP/USD Analysis|
Chart of the pair GBP/USD - Timeframe 4H
Chart of the pair GBP/USD - Timeframe 1H
GBP/USD Live Chart - Timeframe : 4h