FX.co ★ GBP/USD intraday technical analysis and trading recommendations for April 18, 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.
Reversal Head and Shoulders pattern was expressed on testing April 5 high around 1.5360, confirmation requires fixation below 1.5270 (neckline) with full target at 1.5135.
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 1.5260 cancels the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).
Price level 1.5230 should be watched carefully as it stands as an Intraday Support Level which may push the pair towards 1.5300 for further retesting.