FX.co ★ GBP/USD Intraday Technical Analysis & Trade Recommendations for January 2, 2012

GBP/USD currently is in a mid-term downtrend presented in the yellow channel marked on the chart.

Today the pair has broken the short-term uptrend presented in the violet channel marked on the chart.

Now the pair is testing the upper limit of the yellow channel which is acting as resistance for the pair, failing to break and close above.

This indicates a SHORT opportunity for intraday traders at the current prices with SL above 1.5555.

TP levels should be located at 1.5502, 1.5485, 1.5480 then 1.5430.