15.04.201317:32 Forex Analysis & Reviews: GBP/USD intraday technical analysis and trading recommendations for April 15, 2013

Long-term review

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Looking at 1.5060 tested on April 4, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5235 which represents the upper limit of the depicted movement range which was broken-through shortly after.
Looking at 4H chart, the high formed at 1.5345-1.5360 provided resistance for the pair during this week. However, last week, the pair expressed a breakthrough which opened the way for the pair to make another bullish swing within the ascending channel depicted on the charts topping at 1.5411.
The current view remains bullish as long as the pair continues to consolidate above 1.5340 - 1.5310. A valid BUY entry can be taken on retesting with SL as 4H closure below 1.5300. However, 4H closure below 1.5300 opens the way towards 1.5250 initially.
Stabilization above 1.5360 cancels the bearish retracement scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (important resistance level).

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