FX.co ★ GBP/USD Intraday Technical Analysis & Trade Recommendation December 29, 2011

Yesterday we suggested selling GBP/USD currency pair at 1.5690 which hit all TP levels very quickly.

Now retracement is expected after visiting the lower limit of the marked bearish channels at 1.5435 which was slightly breached shortly before the pair came back above.

Now the pair is testing the upper limit of the violet channel at 1.5485 which if broken will open the way for a retracement movement targetting 1.5555.

Based on the previous analysis, the marked indicates a bullish opportunity on the break of 1.5485 with TP at 1.5510, 1.5540, 1.5566 then 1.5595.

SL should be 1H closure below 1.5440.