FX.co ★ GBP/USD intraday technical analysis and trading recommendations for February 5, 2013

Yesterday the GBP/USD pair has found support around price level 1.5689 which pushed the pair higher almost 90 pips breaking through the level of 1.5750.
The GBP/USD pair is now consolidating above Monday's high (1.5770) which enables price 1.5830 to be reached easily. However, stepping below 1.5770 again may resume the bearish movement of the pair.
It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.
The pair remained under heavy SELLING pressure before recovery attempt from 1.5675 zone succeeded to push the pair above 1.5750 level in the first place.
Last week price level 1.5830 was recommended as a valid SELL entry with SL above 1.5895 which got activated shortly after. This week we need to have clear breakdown of the weekly low 1.5673. Otherwise, consolidation again above 1.5750 might hinder the bearish scenario.
Theoretically speaking, the pair has confirmed a giant "double-top" pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830 - 1.5890.