FX.co ★ GBP/USD Intraday Technical Analysis and (Linear Regression Channel) for April 13, 2012

Since Monday the GBP/USD has been trending up within the depicted Blue, Violet & Yellow channels.

Today the GBP/USD shows the bearish tendency in its movement after reaching the 1.5970 the important resistance level mentioned Yesterday.

After a breakdown of the the lower limits of both violet & blue channels, the pair managed to break the intermediate line of the wider Yellow channel confirming today's bearish tendency.

Therefore, retesting of the intermediate line of the Yellow channel at 1.5960 constitutes a valid SELL entry with SL to be placed above 1.6000.

TP levels are to be located at 1.5915 & 1.5870.