FX.co ★ GBP/USD Intraday Technical Analysis & Trade recommendations June 24, 2011

The pair is still in the bearish channel now testing the lower limit and the marked support level .

Yesterday , the pair witnessed strong selling pressure which pushed it down to 1.5950 .

This level is a strong support as shown in the chart .

On the 4H chart , the pair is in a short-term bearish channel .

Yesterday we notice the clear rejection of the price at levels 1.5970-1.5940 manifested as Hummer + Bullush Engulfing candlesticks

It's important to notice that this level is the lower limit of the channel + strong support shown on the Daily chart .

Trade Recommendations :

BUY the pair at current price with TP at 1.6100 then 1.6160

SL 4H closure below 1.5930