FX.co ★ GBP/USD intraday technical analysis and trading recommendations for May 8, 2013

As expected, the weak ongoing bullish structure with integrated swings and broken short-term uptrends lead to price fall that occurred yesterday.
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. However, the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair.
On the 4H chart, there are two broken short-term uptrend lines which allowed retracement movement towards 1.5450.
By breakdown of 1.5450, there would be a confirmed signal of reversal (Double Top pattern) which will be targeting at 1.5400 then 1.5360.
Stabilization above 1.5470 temporarily cancels the bearish reversal scenario.