FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for March 23, 2012

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

During the past few hours the GBP/USD currency pair showed a considerable bullish strength manifested in the long bullish candlesticks breaking the upper limit of the bearish violet channel at 1.5820.

Bullish movement found resistance at the upper limit of the Yellow channel around 1.5877 which boosted the downside movement of the pair.

Price level 1.5820 corresponds to the upper limit of the broken violet channel and the intermediate line of the yellow one which constitutes an important intraday support for the pair and a good Intraday BUY entry.

Stop Loss is to be located below 1.5765; Take Profits is to be placed at 1.5860 and 1.5920 levels.