FX.co ★ GBP/USD intraday technical analysis and trading recommendations for June 21, 2013

On the daily chart, we find that daily closure at 1.5409 (June 5) opened the way towards 1.5580, 1.5680, and 1.5750 (this week's high).

The pair consolidated above 1.5603 (the high of May). This leads to another significant bullish impulse towards 1.5680-1.5700 (backside of the broken channel and upper limit of the depicted triangle on 4H chart).

On retesting of this price Zone 1.5700-1.5730, it provided considerable resistance for the pair as expected. A non-typical hanging man daily candlestick was formed on Friday which was followed by this obvious breakdown of 1.5600-1.5580 that took place on Wednesday.

Breakdown of 1.5600 opened the way directly towards 1.5400-1.5380 previous support on the daily chart and 61.8% Fibonacci on the 4H chart.

Around 1.5400-1.5380 area, price action should be watched carefully for good BUY entries with SL just below 1.5300.

Consolidation below 1.5380 threatens the bullish scenario of the pair.