FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for February 27, 2013

Previous lows of 1.5450 (reached on July 25), 1.5390 (reached on July 12) as well as 1.5267 (reached on June 1) were broken so quickly leading towards 1.5075 (the new weekly opening).

Yesterday's high at 1.5218 marks the upper limit of the current consolidation pattern above 1.5075. Hence, forming a lower high around 1.5315 indicating the bearish sentiment of the market today.

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 1.5000 then 1.4855 if the current bearish movement remains intact this week.