FX.co ★ GBP/USD Intraday Technical Analysis September 22, 2011

GBP/USD currency pair has achieved all of its TP levels of the long-term DOUBLE TOP marked above.

Since the pair has broken the bullish channel August 31, the pair has been in a strong downtrend inside a narrow bearish channel marked above also.

Now the pair is visiting a strong supply zone extending from 1.5580 - 1.5345.

Also we have 50% Fibonacci level of the swing from 1.4226 - 1.6745 at 1.5485.

On the 4H chart, We have a bearish channel with its lower limit at around 1.5400.

This may give the opportunity to go long with SL daily closure below 1.5345 (the demand zone previously mentioned).

Profits may be taken every 75 pips as this may be a long-term position.