FX.co ★ GBP/USD intraday technical levels and trading recommendations for March 6, 2015

Overview:

On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, DAILY support was established around 1.5170-1.5200 (ascending bottoms).

The long-term projection target for the recent bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).

On Monday, obvious breakdown of the lower limit of the depicted channel took place.

Today, significant bearish pressure was applied over the price levels of 1.5180 and 1.5100 (previous support level and recent uptrend line).

A quick bearish visit towards 1.5000 should be anticipated if bears keep defending their newly established RESISTANCE level around 1.5100.