FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for September 20, 2012

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.

The GBPUSD had one more indecisive movement on Tuesday manifested in the Doji daily candlestick which was followed by a bearish candlestick yesterday which may be a sign for a possible bearish retracement which is taking place today.

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).