FX.co ★ GBP/USD intraday technical analysis and trading recommendations for March 29, 2013

The daily closures, which have been observed during this week, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone on the 4H chart). However, this zone was broken last week.
On the 4H chart, the pair has been trending down within the depicted short-term bearish channel until we had bullish breakout above the upper limit yesterday.
Yesterday we mentioned that breakdown below support zone around 1.5150 will probably target 1.5076 initially. However, the pair failed to breakdown this zone allowing the uptrend from 1.4830 remain intact, targeting 1.5330 provided that the pair consolidates above 1.5180 again.
The pair has now a solid support level around 1.5140 which corresponds to the backside of the broken channel and previously mentioned consolidation range depicted on the chart.