FX.co ★ GBP/USD intraday technical analysis and trading recommendations for March 6, 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, formation of a lower high around 1.5220 followed by breakdown below 1.5075 is enhancing the bearish sentiment of the market.
Also, the daily closure which was observed 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 enabled the pair to make corrective bullish move towards 1.5160 then 1.5200 where another bearish rejection took place yesterday.
The bearish breakout, that took place last week, will probably be targeting 1.4880 provided that today's daily candlestick closes below 1.5075. Otherwise, the ongoing pattern may be considered as a bullish Head and shoulders to be targeting 1.5300 then 1.5355.
The first strong support will then be encountered at 1.5000, then 1.4855 if the current bearish movement remains intact this week.