FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for August 10, 2012

The GBP/USD pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Last week, the GBP/USD pair failed to fix above 1.5720 after going over this considerable price level. That's why price zone between 1.5670-1.5725 has been rejecting the GBP/USD pair obviously which made it worth watching for price action and provided us with a valid SELL entry yesterday.
After finding a significant bearish price action, the GBP/USD pair has broken down the short term uptrend line depicted on the chart which predicts an upcoming bearish movement after retesting the broken trend line.
The expected bearish movement will probably be targeting at the lower limit of the triangle around price level of 1.5510 as a final target. However, breakthrough above 1.5700 invalidates this bearish scenario.