FX.co ★ GBP/USD intraday technical analysis and trading recommendations for April 16, 2013

Looking at 1.5060 tested on April 4, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after.
After breakdown of price zone 1.5315 - 1.5340, the pair has just retested the lower limit successfully expressing some bearish rejection which probably renders 1.5250 the next target level.
The long-term view remains bullish as long as the pair continues to consolidate within the depicted channel above 1.5130 - 1.5150. A valid BUY entry can be taken on retesting of the lower limit of this movement channel with SL as breakdown of the lower limit.
Stabilization above 1.5360 cancels the bearish retracement scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).