FX.co ★ GBP/USD intraday technical and fundamental review for June 11, 2013

The significant uptrend peaked at 1.5682 last week and the next important resistance is projected at 1.5750 corresponding to 61.8% Fibonacci.

Intraday support is projected at 1.5380 (SMA 100).

Price Level 1.5580 (50% Fibonacci) is expressing some bearish pressure on the cable today.

The pair is probably expressing 123 bullish reversal pattern that becomes confirmed with daily closure above 1.5625.

Breakout of the bearish channel above 1.5150 confirmed the double bottom which initiated the ongoing bullish trend.

On Wednesday, the pair exceeded its average daily range by almost 120 pips, this thing enhanced the bearish retracement especially after hiting 1.5570, the major resistance on the daily chart.

Due to acute bullish movement expressed last week, the cable did not establish any significant support levels. However, the nearest one is located at 1.5345 (depicted 50% Fibonacci Level).

The recent low at 1.5485 is still holding price above providing demand for the pair which may push again towards 1.5680 for further testing.

Price action should be watched around 1.5345 for a valid BUY entry with SL just below 1.5260.

Manufacturing production fell in the UK for the first time in three months in April, underscoring concerns about the country's economic prospects, according to official data reported today. This may enhance some retracement first.