Hi Marķa here. I am great to start a new week, hope everyone is ready to start trading. Today I am sharing the intraday technical analysis for the GBPUSD hope it will help you.

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GBPUSD

The reaction of the pair to the support level 1.5340 is very bullish.

We have Friday's daily candlestick closure as a bullish engulfing coming after hiting the support level indicating that breakout of the Fibonacci level 50% (1.5485) may be a false one.

The upcoming level that may act as resistance is 1.5588 which is the upper limit of the support zone which is broken to the downside till now & representing the upper limit of the narrow bearish channel marked on the chart.

For the long-term scale, We have 1.5760 & 1.5890 as strong resistance levels for the pair which may act as valid SHORT entry levels when visited.

We have a suggested LONG position around the level 1.5345 giving profits till now.

Now the pair is trying to re-stabilize above the 50% Fibonacci level & escape the bearish channel.

For the intraday traders, break of 1.5485 will give a valid LONG signal at the retest with TP at 1.5580 then 1.5650.

SL should be 4H closure below 1.5430.

Have a great day!

Marķa

www.fx-megaforex.com

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