05.10.201111:04 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis for October 5, 2011

Long-term review

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As we see on the daily chart, we had a successful retest of the broken bearish channel at 1.5345.

Level 1.5345 isn't just the backside of the bearish channel but also a strong daily support for the pair which was mentioned in previous articles.

The daily candlestick looks very bullish after achieving the target of breakout of the previous range 1.5533- 1.5715.

Here on the 4H chart, we can see obvious bullish reaction towards the support level 1.5345 which stopped at the 50% fibonacci.

Based on the previous analysis, The market indicates bullish opportunity near 1.5345 with SL daily closure below it.

Profits should be taken at 1.5490 , 1.5530, 1.5590 then 1.5670.

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