12.02.201417:59 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for February 12, 2014

Long-term review

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From fundamental standpoint, positive news came from the Bank of England monetary committee which expects the unemployment rate to reach 7% by the first quarter of 2014.

This accelerated the ongoing bullish impulse towards 1.6570, according to the fundamental data released earlier today.

Today, the GBP/USD bulls managed to bypass/breach the previously established descending bottom at 1.6470 which is considered an Intraday DEMAND for the pair now.

The nearest SUPPLY level is located at 1.6570 where a recent top was established on December 31. It's expected to apply some bearish pressure on the pair to retrace towards 1.6470 initially.

As expected, bullish pressure was applied at retesting of the backside of the broken bearish channel depicted on the chart around 1.6250.

This pushed the pair higher again towards 1.6470 which was broken through earlier today opening the way towards the next resistance around 1.6570.

Price level of 1.6470 is now considered a prominent DEMND level to offer a valid BUY entry at retesting.

Price level of 1.6570 probably offers a valid SELL entry with SL as daily closure above 1.6600.

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