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

GBP/USD Hourly chart on the basis of the Linear Regression Channels of three different time periods:

The GBP/USD pair expressed a strong bullish rejection towards the lower limit of the Yellow & Blue channels around 1.5920 which pushed the pair towards 1.6030 corresponding to the upper limit of the Yellow one where bearish domination was expressed during the last few hours of Friday.

The GBP/USD pair has been trending up within the depicted Yellow channel after breaking through above price level of 1.5930 (the most recent support level now) reaching the upper limit of the Yellow channel at 1.6030.

The GBP/USD pair seems to be looking foriIntraday Resistance at the upper limit of the channel around 1.6030. That's why breakdown of the mid-line of the Yellow channel and the lower limit of the Violet one around 1.5995 opens the way directly towards the lower limit of the channels around 1.5960 and probably 1.5940.