FX.co ★ GBP/USD Intraday Technical Analysis & Trade Recommendations for January 4, 2012

Yesterday, the GBP/USD pair was 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.
The view is bearish now, as we had bearish confirmation of the price action towards the mentioned resistance levels on 4H chart manifested in the long upper tail & the hammer candlestick.
We need to see quick decline below the broken downtrend marked in blue in order to resume the downside movement.
TP should be at 1.5555, 1.5470, 1.5420 & 1.5360 & SL should be Daily closure above 1.5735.