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Forex Forum → Market Analysis → Intraday technical levels and trading recommendations for GBP/USD for

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Topic: Intraday technical levels and trading recommendations for GBP/USD for

Around price levels of 1.6780, a Double-Top pattern scenario was executed with the neckline located around the price zone of 1.6620-1.6660.

Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target.

The recent achieved low at 1.6465 ( also corresponding to a previous uptrend line ) prevented further decline. Yet, the bulls are unable to fixate above 1.6630-1.6666 ( prominent top established on January 24 ).

A slide below 1.6580 ( previous bottom established on January 24 ) applies bearish pressure on the pair to pursue towards lower lows. Otherwise, the bulls would be targeting at 1.6750-1.6775

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