FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for September 19, 2012

The GBPUSD had one more indecisive movement yesterday which is manifested in the Doji daily candlestick.

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