FX.co ★ GBP/USD intraday technical analysis and trading recommendations for May 13, 2013

The weak ongoing bullish structure with integrated swings led to price fall that took place on last week during both Thursday and Friday after the upper limit of the movement channel 1.5590-1.5600 provided a considerable resistance for the pair.
The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5315.
Another important support level is 50% Fibonacci which comes to meet the pair at 1.5315 with the lower limit of the ongoing bullish channel.
Price Zone 1.5300-1.5320 should be watched for a retest providing a BUY entry with SL located below 1.5240.