31.05.201214:53 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 31, 2012

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The Linear Regression Channels 1H Chart for the GBP/USD illustrates:

Yesterday the GBP/USD pair expressend quite steep bearish movement breaking down the Intraday Support at 1.5555 exceeding the Average Daily Range to record a daily low at 1.5474.

It is important to note that exceeding the Average Daily Range usually indicates a possible bullish retracement to take place soon after

The Bearish Violet channel which represents Yesterday's movement was broken to the upside few hours ago allowing the pair to test Price Level 1.5510 corresponding to the upper limit of the Blue channel and the mid-line of the Yellow one.

Price Level 1.5565 constitutes a significant Intraday resistance level as it corresponds to the upper limit of the bearish Yellow channel & previous boken buttom which is expected to act as resistance for the pair.

In order to reach level 1.5565, the GBP/USD pair should pass through its minor resistance level at 1.5510. Otherwise, The downtrend is going to be resumed sooner than expected.

Based on the previous analysis

The market offers a SELL opportunity around price level 1.5570 with SL located above 1.5620.

TP levels are to be located at 1.5510 then 1.5460.

Best Regards.

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