FX.co ★ Technical analysis of GBP/USD for June 26, 2014

Technical outlook and chart setups:

1. A 4H chart view has been presented here and the GBP/USD pair is seen to be bouncing off trend line resistance. Please also note that fibonacci 0.618 retracement is also around the 1.7020/30 levels and a reversal here could bring back bears in control. 

2. Support is seen at 1.6920, followed by 1.6800, 1.6740 and lower while resistance is seen at 1.7050/60 respectively.

3. The structure indicates that GBP/USD could remain in control of bears till prices stay below 1.7050 levels.

Trading recommendations:

Sell on a bearish bounce at the trend line, stop at 1.7100, target is open.

Good luck!