FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for September 12, 2012

The GBP/USD pair expressed an obvious bullish rejection towards the lower limit of the depicted movement channels around 1.5825 which pushed the pair towards 1.6130 corresponding to the upper limit of the channel where bearish domination is expected to be.

It's anticipated that if bearish rejection could enable the GBP/USD pair to close below 1.6076(78.6% Fibonacci) again, this will allow the pair to touch the lower targets probably at 1.6030 & 1.5950 initially.

Price action towards resistance levels of 1.6120-1.6130 should be watched on lower timeframes in order to catch an early low risk SELL entry.