FX.co ★ GBP/USD intraday technical levels and trade recommendations for July 3, 2013.

This week, the cable consolidated after hiting a low of 1.5165 last week.

This consolidation extended up to 1.5250 which seemed to be minor weak retracement then the bears pressed for new lows, they have hit 1.5128 so far.

The prominent support located around 1.5130-1.5150 (depicted uptrend line and previous double buttom pattern) is expressing quite strong bullish price action today that pushed the pair above 1.5180 then 1.5250 again.

For bearish dominance to remain controlling, price should hold below 1.5250. Otherwise, the bearish direction will be neutralized.

On the other hand, popping above 1.5250 ( the upper limit of the depicted bearish channel ) which is taking place now will probably add further bullish pressure to the market if defended by the bulls.

A bullish correction should have a limited target to about 1.5290 ( 50% Fibonacci ) up to 1.5340 (100 SMA).

Fixation above 1.5295 ( 50% Fibonacci ) is necessary to allow a longer-term bullish move to take place.