20.12.201116:44 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis & Trade Recommendation December 20 , 2011

Long-term review

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Recently GBP/USD witnessed breakout of the short-term bearish channel marked on the chart.

Then the pair had a congestion zone 1.5555 - 1.5464 which was broken to the upside today reaching the average movement range at 1.5630.

Reaching the average range early in the day gives an opportunity to SHORT the pair at 1.5644 to target 1.5565 with SL break of the high at 1.5650.

Level 1.5555 may constitute a good intraday support to BUY the pair at with intraday targets 50-75 pips with SL 4H closure below 1.5530.

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