FX.co ★ GBP/USD intraday technical levels and trading recommendations for June 17, 2014

Bullish breakout above the symmetrical triangle took place thus exposing price levels around 1.6985 as a projection target.

Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.

The GBP/USD bulls are now challenging Psychological resistance around 1.7000 which got visited before on May 6 when extensive bearish pressure was applied then.

A bearish corrective movement is now expected to take place towards 1.6830-1.6860 as long as the recent high around 1.7000 remains defended by the bears.

Price levels of 1.6860 constitutes a significant support level to meet the pair on its way downwards.