FX.co ★ GBP/USD intraday technical levels and trading recommendations for January 24, 2014

GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since this breakout, the bulls have been defending 1.6250 as a prominent support. Further successful retesting took place in mid-December that pushed the pair again to the upside.

Based on the above-mentioned bullish breakout, the GBP/USD pair had a projection target around 1.6630. As suggested, bearish reversal was strongly expressed off 1.6660 (30 pips higher). The pair has declined about 100 pips within one hour.

The 4H chart reveals prominent support levels located at 1.6490 then 1.6450. These levels will probably provide a valid BUY entry with SL as 4H closure below 1.6400.