FX.co ★ GBP/USD intraday technical analysis and trading recommendations for July 5, 2013

This week, a bullish price action was expressed around 61.8% Fibonacci level depicted on the daily chart around 1.5130 which was followed by the marked price fall below all the strong levels at 1.5180 and 1.5020.

Now the pair is fixed below 1.5000-1.5020 which adds further bearish pressure to the pair to reach 1.5830 (previous monthly low) where strong bullish presence is expected to be found.

In the short-term, consolidation range may be initiated between 1.5020 - 1.4830 untill new fundamental data is released next week.

Next week, the bulls may find an opportunity to establish a temporary buttom around 1.4850. However, no signs of reversal are manifest yet.