FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for September 18, 2012

The GBPUSD pair continued its bullish movement last week recording a high at 1.6254. However, yesteray's daily candlestick failed to close above Friday candlestick's high.

As seen on the daily chart above, the price broke through a long-term trend line resistance suggesting a further bullish scenario at least towards 1.6315 corresponding to 78.6% Fibonacci.

The view remains bullish in short-term testing 1.6300 – 1.6350 zone.

Support: 1.6200, 1.6180, 1.6150, 1.6125, 1.6075.

Resistance: 1.6250, 1.6285, 1.6300, 1.6350, 1.6390.

Intraday support is seen around 1.6160. However, an obvious break below that level could lead price to neutral zone in nearest term testing 1.6130-1.6050, while a longer-term support is seen around price level 1.5920 (50% Fibonacci Level).