FX.co ★ GBP/USD intraday technical and fundamental review for May 31, 2013

The pre-mentioned double bottom pattern was confirmed yesterday when we had daily closure above 1.5150.

Yesterday's daily candlestick closed also above strong resistance level 1.5200 which is threatening the ongoing bearish momentum.

The cable's way towards price zone 1.5280-1.5315 is open now. This zone represents a strong supply zone for the pair.

Breakout of the bearish channel above 1.5150 confirmed the double bottom and opened the way up to 1.5200 immediately.

Price Level 1.5150 will probably provide a valid BUY opportunity on retesting.

Today we can obviously see demand for the pair around 1.5200 (broken resistance and 100-day SMA). The pair has projection target at 1.5300 - 1.5320.

Breakdown of 1.5190 invalidates the Intraday bullish retracement scenario leading towards 1.5150 again.