empty
15.10.2012 04:09 PM
GBP/USD Intraday Technical Analysis and Trading Recommendations for October 15, 2012

This image is no longer relevant

This image is no longer relevant

The GBP/USD pair reacted strongly towards 1.6300 – 1.6350 zone confirming the bearish retracement scenario expected in the previous weeks.
The bearish Head and Shoulders reversal pattern on the 4H chart, which was confirmed on Friday, enabled 1.6060 level as a full target for the pattern which got hit on Monday with further decline towards 1.6000.
GBP/USD expressed daily closure below the lower limit of the depicted bullish channel which extended the bearish movement towards 1.5970 which has been providing considerable support for the pair so far.
Support: 1.6020, 1.5970, and 1.5920.
Resistance: 1.6125, 1.6160, 1.6260, and 1.6315.
The current price zone (the lower limit of the depicted 4H channel) is providing support until now and the pair is probably forming a short-term bullish Head & Shoulders pattern targeting 1.6105. However, the pair is showing some bearish dominance today.
A long-term support is seen around the price level of 1.5920 (50% Fibonacci Level). However, the recommended trade is to SELL the pair at retesting of the lower limit of the broken channel around 1.6160 with SL located above 1.6215.

Summary
Urgency
Analytic
Mohamed Samy
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on August 1, 2025

On Thursday, the EUR/USD pair returned to the 76.4% Fibonacci retracement level at 1.1454, rebounded from it, and reversed in favor of the US dollar. However, the bears failed

Samir Klishi 11:27 2025-08-01 UTC+2

Forecast for GBP/USD on August 1, 2025

On the hourly chart, the GBP/USD pair on Thursday consolidated below the 127.2% retracement level at 1.3258, which suggests a potential continuation of the decline toward the support zone

Samir Klishi 11:11 2025-08-01 UTC+2

EUR/USD. Indicator Analysis and Daily Overview on August 1, 2025

On Thursday, the pair moved upward and tested the 14.6% retracement level at 1.1456 (yellow dashed line), after which the price turned downward and closed the daily candlestick at 1.1414

Stefan Doll 09:48 2025-08-01 UTC+2

Trading Signals for BITCOIN for August 1-5, 2025: buy above $115,000 (200 EMA - 5/8 Murray)

Yesterday, Bitcoin reached strong resistance around the 6/8 Murray level at 118,900 during the American session. BTC failed to break above this area and made a sharp drop

Dimitrios Zappas 07:50 2025-08-01 UTC+2

Trading Signals for GOLD (XAU/USD) for August 1-4, 2025: buy above $3,281 (21 SMA - 4/8 Murray)

Gold is trading around 3,292, bouncing above the 4/8 Murray level and forming a technical pattern called a pennant. A break above 3,396, or even a consolidation above

Dimitrios Zappas 07:47 2025-08-01 UTC+2

EUR/USD Forecast for August 1, 2025

Yesterday, markets saw a broad retreat from risk assets: the S&P 500 declined by 0.37%, the U.S. Dollar Index rose by 0.16%, and oil fell by 0.90%. Yields on government

Laurie Bailey 04:52 2025-08-01 UTC+2

GBP/USD Forecast for August 1, 2025

Yesterday, the British pound spent the day within the expected range of 1.3206–1.3265, closing the day with a black candlestick, while today opened below the lower boundary of that range

Laurie Bailey 04:50 2025-08-01 UTC+2

EUR/JPY Forecast for August 1, 2025

The EUR/JPY pair has fallen sharply from the upper boundary of the price channel, almost at the same time as the Marlin oscillator entered negative territory (daily chart). Yesterday

Laurie Bailey 04:42 2025-08-01 UTC+2

Forecast for EUR/USD on July 31, 2025

On Wednesday, the EUR/USD pair continued its decline after rebounding from the 100.0% Fibonacci retracement level at 1.1574. By the end of the day, the pair closed below the 76.4%

Samir Klishi 13:23 2025-07-31 UTC+2

Forecast for GBP/USD on July 31, 2025

On the hourly chart, GBP/USD rebounded on Wednesday from the resistance zone of 1.3357–1.3371, reversed in favor of the U.S. dollar, and fell below the 127.2% Fibonacci retracement level

Samir Klishi 13:21 2025-07-31 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.