FX.co ★ GBP/USD Intraday Technical Analysis & Trade Recommendation December 7, 2011

As we see GBP/USD regression channels for the last three days of the pair movement, the pair has moved sideways when it met the middle line resistance of its yellow channel.

Then one hour ago we have a clear bullish breakout enhancing the bullish view for the intraday traders.

Now we have 1.5615 a broken resistance now acting as intraday support which may be a good long entry.

VIOLET CHANNEL represents Yesterday's movement.

BLUE CHANNEL represents the last 2 days' movement.

YELLOW CHANNEL represents the last 3 days' movement.

Based on the previous analysis:

Level 1.5615 is a good one to buy the pair at with SL below 1.5990.

TP should be placed at 1.5650 then 1.5685.