FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for February 26, 2013

Previous July 25's low (1.5450), July 12's low (1.5390) as well as 1.5267 (1st of June's low) have been broken so quickly leading towards 1.5075 (the new weekly opening).

Yesterday, the GBP/USD headed towards 1.5165 in order to fill the downside gap that existed in the weekend.

Nevertheless, the daily closure we got on Friday implies continuation of the sell-off afterwards provided that the pair remains below 1.5133 ( Thursday's low ). However, reconsolidation above 1.5133 enables the pair to make corrective bullish move towards 1.5225, 1.5270 and 1.5310 respectively.

The technical indicators are neutral now, it's better to stay out of the market.

The first strong support will then be encountered at 1.4855 if the current bearish movement remains intact this week.