FX.co ★ GBP/USD intraday technical levels and trading recommendations for March 21, 2014

Reversal Double-Top pattern was expressed at 1.6800 which led to the current bearish swing down to 1.6470.

Breakdown of 1.6530 (50% Fibonacci level) which took place Yesterday exposed 1.6470 (61.8% Fibonacci) immediately.

Mild bullish pull-back is taking place at 1.6470. Price level 1.6535 remains the nearest Intraday resistance for the pair.

On the other hand, price level of 1.6575 is a KEY-RESISTANCE for the pair. Any further visits will probably offer a valid SELL entry with stop-loss located just above 1.6600.

On the long-term prospective, projection target of the bearish pattern located 1.6380 remains in focus as long as fixation below 50% Fibonacci level remains in place.