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14.04.2014 01:19 PM
Intraday technical levels and trading recommendations for GBP/USD for April 14, 2014

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Around the price zone of 1.6780-1.6800, a Double Top pattern scenario was previously established during February and March.

Daily fixation below 1.6600 (reversal pattern neckline) exposed price level 1.6530 (50% Fibonacci) then enabled the pair to hit the full projection target at 1.6464 (61.8% Fibonacci).

The recent lows at 1.6465 as well as 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep fixing above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

As long as the ascending bottom established at the uptrend around 1.6555 remains intact, the bulls will be consolidating around 1.6780-1.6800.

The nearest demand zone to meet the pair is located at 1.6660-1.6675. It's the most recent established top on the current bullish swing.

Any bearish pull-back towards 1.6660 -1.6675 should be considered for buying as long as 1.6555 (most recent bottom) remains defended by the bulls.

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The 4H chart reveals more significance of the demand zone around the recently broken top mentioned above in the daily chart.

It also corresponds to 50% and 61.8% Fibonacci levels which is a critical demand zone for the ongoing bullish swing.

The price zone of 1.6645 - 1.6680 may offer a valid BUY entry on the next bearish pull-back.

Stop loss should be located below 1.6560.

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