FX.co ★ GBP/USD Weekly Review June 13, 2011

The GBP/USD currency pair is testing the lower limit of the bullish channel

Earlier the pair has shown strong bullish reaction towards this limit of the channel manifested in the coloured candesticks ( Morning Star Candlestick formation )

On the Daily chart , the price is testing the lower limit of the short term bearish channel

It's important to notice that this area is also the level 61.8% Fibonatcci of the last swing up .

On the 4H chart, the price is testing the lower limit of the bearish channel .

We need to see Strong bullish reaction of the price to go long .

4H closure above 61.8% Level enhances the bullish view .