FX.co ★ GBP/USD Intraday technical analysis July 15 , 2011

The GBP/USD has been respecting the bearish channel on the daily chart marked above.

Also the pair has broken the uptrend line enhancing our bearish view.

Today the pair has tested the upper limit of the short-term bullish channel.

Now the pair is testing the support level 1.6100 which is a narrow consolidation range and previous top.

Closing 1H below 1.6095 gives the short signal with TP at 6034 & SL 1H closure above 1.6100.

Also area 1.6170-1.6200 is a good area to SELL at with TP 1.6100 then 1.6034.