FX.co ★ GBP/USD Intraday Technical Analysis & Trade Recommendations for January 3, 2012

The GBP/USD currency pair is now testing the upper limit of the bearish channel marked on the chart at 1.5627.

It's important to mention that the pair has a strong resistance at 1.5638 which is previous consolidation zone limit.

Also there is a midterm slightly bearish channel with its upper limit at 1.5720, so the pair is going to touch multiple resistance levels on its way to the upside.

SELLing is more recommended now, so we need to have bearish confirmation of the price action towards the mentioned resistance levels on 4H chart to go SHORT.
TP should be at 1.5555, 1.5470, 1.5420 & 1.5360 & SL should be Daily closure above 1.5735.