FX.co ★ GBP/USD intraday technical analysis and trading recommendations for May 30, 2013

The weak bullish structure with integrated swings led to the price fell after the upper limit of the movement channel 1.5590-1.5600 had provided a considerable resistance for the pair.

Breakdown of important support level 50% Fibonacci (1.5220) then Fibo 61.8% (1.5130) opened the way for the pair towards 1.5015 (Fibonacci 78%) which expressed bullish rejection so far.

Earlier today, the GBP/USD pair managed to have 4H closure above 1.5130 ( downtrend line & 61.8% Fibonacci ) which is an early bullish signal that threatens the current bearish momentum.

Breakdown again of 1.5130 (61.8% Fibo) will probably lead to another bearish swing towards 1.5020 initially. However, consolidation above it will proabably open the way directly towards 1.5220. That is why price action should be watched at retesting.