FX.co ★ GBP/USD intraday technical levels and trading recommendations for March 7, 2014

After breakout above 1.6600 took place, the GBP/USD pair has been trapped within a consolidation zone located between 1.6600 and 1.6800.

The daily chart shows indecision manifested in the slightly bullish movement which is taking place since February 17.

The bulls found 1.6600 as a prominent support to be concentrated around. That's why a recent bottom was established there on the last visit on February 24.

Price level of 1.6820 remains the highest level so far. A breakout above this level will allow a quick bullish swing to be initiated towards 1.6870, then possibly towards 1.7000 which are prominent tops on the weekly chart.

Price zone of 1.6740-1.6700 ( 61.8% - 50% Fibonacci levels ) remains the most prominent zone on the 4H chart.

Breakout in either direction will open the way towards the next key-level on the same chart.