FX.co ★ Intraday technical levels and trading recommendations on GBP/USD for June 23, 2014

Successive bottoms around 1.6465, 1.6555 and 1.6665 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher.

However, In May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this previous breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line temporarily.

Again the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure being applied to push above 1.7000 (prominent top established on May 6). 

If the bears keep preventing any bullish breakout above 1.7000, the pair will have obvious targets around 1.6900 initially.

Note Friday's candlestick came as "bearish engulfing" followed by today's candlestick which topped at 1.07050 where significant bearish pressure was applied to push lower.

These bearish signals enhance the bearish side of the market at such prominent SUPPLY levels. 

This time the bears have failed to pause the ongoing bullish pressure at 1.6920 where previous bullish attempts were invalidated recently.

The bulls managed to re-fixate above the previously broken uptrend line. Moreover, they are challenging the recent top around 1.6970 - 1.7000 after bullish breakout took place outside the depicted 4H bearish channel.

Management of the bears to maintain the 4H fixation below this price zone suggests a bearish move towards 1.6870 - 1.6830 where 61.8% and 50% Fibonacci Levels are located.

On the other hand, bullish fixation above 1.7000 will enable the bulls to reach 1.7090 and probably 1.7130 before bearish correction can take place.