GBP USD is facing contradicted factors – Analysis - 04/03/2015

The GBPUSD pair continues to move at 1.5350 critical support, by looking deeper in the chart, we find that the price faces a contradiction between the technical patterns that appears in the intraday time frames, where the mentioned support represents the breached neckline of the Cup and Handle pattern that we mentioned in our previous reports, at the same time, it represents a neckline for a head and shoulders pattern that formed in the last trading, which makes the price faces a contradiction between the technical factors.

Therefore, we need to stay aside temporarily in order to monitor the GBPUSD price behavior according to the mentioned support and 1.5445 resistance, where breaking the support will push the price to target levels reach to 1.5145 mainly, while breaching the resistance represents a positive motive that supports the continuation of the bullish wave on the intraday basis, and that allows the price to head towards 1.5730 on the near basis.

Expected trading range for today is between: 1.5200 support and 1.5500 resistance.

Expected trend for today: Depends on the above mentioned levels