FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for March 22, 2012

According to the linear regression channels the chart shows the following:

The GBP/USD currency pair showed massive bearish reaction towards resistance level 1.5885 which was suggested to be a good SELL entry yesterday.

The bearish movement reached its expected TP levels at 1.5830 and 1.5800 also confirming the H&S reversal pattern illustrated on the chart with closure below the neck-line at 1.5820.

Price level 1.5820-1.5840 also corresponds to the lower limit of the broken Yellow channel giving another SELL entry for today with SL located above 1.5870.

The GBP/USD currency pair is expected to visit 1.5740 and 1.5720 as targets for the H&S pattern.