FX.co ★ Will GBP/USD establish bottom around 1.5150 after bearish rejection around 1.5400 for July 31, 2013

Strong bullish presence was expected to be found off support zone around 1.5830 which pushed the pair to the upside breaking through the upper limit of the 4H channel that again reached up to 50% Fibonacci level around 1.5275.

Bearish rejection expressed off 1.5400 followed by confirmation of the double-bottom pattern with projection target at 1.5100.

Reconsolidation below 1.5280 brought bearish pressure again into the market.

Now there are two established bottoms around 1.4825 and 1.5050 . Moreover, there is an established top around 1.5130 also corresponding to 50% Fibonacci of the latest bullish move.

Price Zone 1.5130-1.5075 may be a good BUY entry with SL located below 1.5040.