FX.co ★ GBP/USD intraday technical analysis and trading recommendations for March 4, 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 then 1.5035.
Price Level around 1.5300 marks the upper limit of the consolidation pattern above 1.5075. Hence, forming a lower high around 1.5220 followed by breakdown below 1.5075 confirmed the bearish sentiment of the market.

Nevertheless, the daily closure we got on Friday implies continuation of the sell-off afterwards provided that the pair remains below 1.5075 (the lower limit of the range). However, reconsolidation above 1.5075 enables the pair to make corrective bullish move towards 1.5160, 1.5220 and 1.5300 respectively.
The bearish breakout that took place last week will probably be targeting 1.4880.
Today, the cable is trading with movements below the lower limit of Wednesday's range.
The first strong support will then be encountered at 1.5000 then 1.4855 if the current bearish movement remains intact this week.