25.05.201214:37 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Linear Regression Channel, May 25, 2012

Long-term review

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The GBP/USD currency pair witnessed a quick decline from 1.6120 towards 1.5730 during last week.

GBP/USD has intraday support zone located around 1.5740 - 1.5760 which prevented further decline for some time before GBP/USD could break it down.

Resistance zone 1.5840-1.5860 was being tested on Monday when GBP/USD showed significant bearish reaction breaking down 1.5740 - 1.5760 reaching 1.5638 yesterday.

The GBP/USD pair's still having an Intraday Support level located around 1.5640 corresponding to the lower limit of the Blue channel and the backside of the broken bearish Violet channel.

The GBP/USD currency pair has been moving within narrow-ranged bearish channels which seems to be getting broken now.

Price Level 1.5635 corresponded to the lower limit of the Yellow channel and the Average Daily Range of yesterday movement which constituted a temporary Intraday Support Level.

Bullish breakout above 1.5690 (The upper limit of the Yellow and Violet Channels ) will probably open the way for the next station at 1.5745 which should be watched for price action.

Around Price Level 1.5750, the GBP/USD has the backside of broken trendline and the Average Daily Range for today movement.

Showing bearish price action towards 1.5750 triggers the SELL entry with SL above 1.5800. However, its breakthrough will allow GBP/USD to make bullish retracement towards higher levels around 1.5850.

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