29.11.201212:47 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Trading Recommendations for November 29, 2012

Long-term review

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The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
Then the narrow consolidation range 1.6025 - 1.5925 was broken to the downside with a potential target near the price level of 1.5780 which has not been hit so far.

On the 4H chart the GBP/USD pair is trapped within narrow range between 50% and 61.8% Fibonacci levels, breakout in either direction should be watched. However, a Double-Top pattern was confirmed with 4H closure below 1.5995 which enhances the short-term bearish view for the pair to be targeting at 1.5940.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Price levels around 1.5970 - 1.5600 constitute a strong DAILY resistance, hence providing a valid long-term SELL entry with SL located just above 1.6050.

Support: 1.5960, 1.5920, 1.5830,1.5800, and 1.5760.
Resistance: 1.6050, 1.6000, and 1.6030.

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