FX.co ★ GBP/USD intraday technical analysis and trading recommendations for June 13, 2013

Last week, the GBP/USD pair closed at 1.5409. As expected, this opened the way towards 1.5580 and then 1.5680.

On the 4H chart, the visible bullish pressure being applied over 1.5400 resulted in the explosive bullish movement that occured last Thursday targeting 1.5590.

The pair fixed above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (last week's high and backside of the broken channel).

Intraday support is placed around 1.5485.

Any bearish trial should overcome 1.5485 initially.

Around 1.5400-1.5380 area, price action should be watched carefully for good BUY entries. Another consolidation below 1.5380 invalidates the bullish scenario.