FX.co ★ GBP/USD Intraday Technical analysis June 7, 2011

Hello Instaforex Traders ,

Level 1.6300 - 1.6280 provided a good support of the price that limited the downside movement of the pair .

Also we see a strong bullish pice action at this level indicating strength of the bulls at this area .

Now the price is testing the lower limit of the bullish channel indicating reverse to the upside .

This gives the signal to go long with targets at 1.6430 then 1.6480 .

SL for this position should be 4H closure below 1.6300 - 1.6280 .