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

As it was suggested last week, price level 1.5230 stood as an Intraday Support level. It provided a BUY entry yesterday which is running in profit now, the next near target is located at the upper limit of the movement channel around 1.5560.

Stabilization above 1.5370 cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (broken resistance level).
The long-term view remains bullish as long as the pair continues to consolidate within the depicted DAILY bullish channel above 1.5370-1.5400.

The breakout projection target has been achieved. However, the way towards 1.5555 (the upper limit of the daily channel) is still open where price action should be watched carefully for a retracement opportunity.

On the 4H chart, there are signs of lack of bullish steam. However, there is no confirmed signal of reversal until now.