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

Bearish rejection was expressed off important key resistance at 1.5400 located on the chart corresponding to 61.8% Fibonacci Level extending up to 1.5440.

This significant resistance managed to put bearish pressure leading towards quick retracement which already bypassed 1.5290, 50% Fibonacci, reaching daily demand level around 1.5125-1.5105.

The next significant demand level on the daily chart is located around 1.5035-1.5015.

Last week, the bears failed to fixate below 1.5130 (intraday demand level and Daily uptrend line), This gathered bullish momentum towards 1.5275 (50% Fibonacci) then 1.5385 (61.8% Fibonacci).

The cable established ascending bottoms around 1.5035 and 1.5130 supporting the ongoing bullish bias for the pair.

As long as these structures remain unbroken within the depicted consolidation range, the bulls would remain in control of the market.

Failure to consolidate below 1.5130 gathered bullish momentum towards 1.5275 which was broken through in order to pursue further bullish targets initially towards 1.5385 (61.8% Fibonacci).

Consolidation above 1.5400 allows the ongoing bullish structure to achieve higher targets initially around 1.5475.

The Bank of England is awaiting that there will be a new monetary policy regarding interest rates to avoid the risk of higher inflation, as one of the leading experts warned.