FX.co ★ Intraday technical levels and trading recommendations on GBP/USD for September 9, 2014

Breakdown of the DEMAND level around 1.6770-1.6700 allowed a quick decline of the GBP/USD pair initially towards the price level of 1.6300 then 1.6130.

Through the previous two weeks, the GBP/USD pair established a congestion zone between the price levels of 1.6660 and 1.6550 when extensive bearish pressure was applied against price level of 1.6280 ( last week's lowest price level ).

On the other hand, the current DEMAND level to meet the pair is located around 1.6150-1.6100 where a previous Triple-Top pattern is located on the daily chart. Thus, a good opportunity of reversal may exist. 

As depicted on the chart, bearish breakout off the previous congestion zone 1.6530-1.6595 took place. Shortly after, projection target was reached around 1.6460.

The GBP/USD pair has been down-trending for almost 25 days. However, evident bearish momentum keeps pushing lower without significant bullish correction.

Price action should be watched carefully at retesting the price level of 1.6150-1.6100 ( current price levels being tested ). It's the current DEMAND level to meet the pair.

Any bullish fixation above price one of 1.6315-1.6330 hinders the current steep down-trend allowing a bullish corrective move to take place towards 1.6430 and 1.6500 (significant Fibonacci Levels).