FX.co ★ GBP/USD intraday technical analysis and trading recommendations for February 19, 2013

The GBP/USD pair has broken down a long-term uptrend line that came to meet the pair around 1.6000 confirming a giant Double Top pattern to be targeting 1.5330 as long as the pair is consolidating below the neckline around 1.5830 - 1.5890.

It was mentioned last week that the price zone of 1.5550-1.5490 should be watched for price action as the cable may find quite strong support there.
Yesterday, the pair dipped down to 1.5437 which corresponds roughly to previous July 25's low (1.5450) which is worth watching, then the pair has support at 1.5390 corresponds to July 12's low.
Yesterday's daily candlestick was showing bullish rejection. However, it closed at 1.5465 which is somehow still bearish.
The first resistance zone to be mentioned is located at 1.5550 and 1.5570.