April 9, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection. This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line were located.

Bearish rejection was anticipated around these price levels (1.3160-1.3180).

Further bearish decline is expected towards 1.2950-1.2920 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3160 should be considered for another SELL entry. TP levels to be located around 1.3020 then 1.2950 - 1.2920.

The material has been provided by InstaForex Company - www.instaforex.com

April 9, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

On January 10th, the market initiated the depicted bearish channel around 1.1570.

The bearish channel's upper limit managed to push price towards 1.1290 then 1.1235 before the EUR/USD pair could come again to meet the channel's upper limit around 1.1420.

Shortly after, the recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated on March 7th.

Bullish persistence above 1.1270 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.

On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.

On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.

By the end of last week, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.

This will probably enhance further bullish advancement towards 1.1300-1.1315 where a low-risk SELL entry can be offered.

For Intraday traders, the price zone around 1.1235 now stands as a significant demand-zone to be watched for BUY entries if any bearish pullback occurs.

Short-term outlook remains bullish towards 1.1300 unless bearish breakdown below 1.1250 is achieved on H4 chart.

Trade recommendations :

Conservative traders should wait for a bearish pullback towards 1.1235 for a valid BUY entry.

TP levels to be located around 1.1280, 1.1320. SL to be located below 1.1200.

The material has been provided by InstaForex Company - www.instaforex.com