FX.co ★ GBP/USD Intraday Technical Analysis and Linear Regression Channel for April 23, 2012

Considering the GBP/USD Linear Regression Hourly chart, we can observe a narrow-ranged bullish violet channel indicating the bullish strength of Friday's movement.

Yellow & Blue channels depicted above are less bullish than the violet one, indicating the prevailing bullish domination during the last week.

Today at earlier time, the GBP/USD could breakdown the lower limit of all the depicted channels indicating weakness of the bulls today. Hence, the Intraday view for the GBP/USD pair is bearish for today.

Price zone 1.6100-1.6110 which corresponds to the backside of the Yellow & Blue channels and previous broken buttoms is expected to initiate a bearish movement after retesting so it is considered as a valid Intraday SELL entry with SL located above 1.6160.

TP levels are to be located at 1.6070, 1.6005 & 1.5965.