FX.co ★ GBP/USD intraday technical analysis and trading recommendations for March 22, 2013

The price around 1.5300-1.5330 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, has been enhancing the bearish sentiment of the market.

Also the daily closures, which were observed during the last two weeks, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone) which is being tested this week. That is why, retesting of this zone provided a valid SELL entry with SL located just above 1.5250.
Breakdown below support zone around 1.5070 will probably target 1.4970 initially. However, if this zone holds, the uptrend from 1.4830 will remain intact, targeting 1.5330.
It is important to note that Monday's daily candlestick was an inside bar, within which the pair is still consolidating including Wednesday's daily candlestick which represents severe hesitation.