30.11.201216:09 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Trading Recommendations for November 30, 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, the obvious bullish price action expressed yesterday towards 1.5960 favors the bullish short-term view at least towards 1.6070.
On the mid-term aspect, consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon unless bears around price level 1.6070 succeed to defend this price zone.
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.

Support: 1.5960, 1.5920, 1.5830,1.5800, and 1.5760.
Resistance: 1.6070, 1.6160, and 1.6200

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