FX.co ★ GBP/USD intraday technical analysis and trading recommendations for April 19, 2013

As it was suggested yesterday, price level 1.5230 stood as an Intraday Support Level. It pushed the pair towards 1.5300 then 1.5360 today for further retesting.
Price Level 1.5360, corresponding to April 5 high, will probably provide considerable intraday resistance after the pair managed to break through the bearish channel depicted on the 4H chart.
Recently, Reversal Head and Shoulders pattern was expressed on testing 1.5360. However, consolidation below 1.5270 (neckline) did not last for a long time.
Stabilization above 1.5300 cancels the bearish reversal scenario, leading towards 1.5385, 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).
The long-term view remains bullish as long as the pair continues to consolidate within the depicted DAILY bullish 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.