05.07.201317:18 Forex Analysis & Reviews: GBP/USD intraday technical levels and trade recommendations for July 5, 2013.

Long-term review

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The cable witnessed rapid fall towards 1.5025, breaking the corrective uptrend line which came to meet the pair around 1.5080.

The demand level around 1.5000 (also a psychological support) was also broken, supported by the positive fundamental data from U.S. Today.

Currently, the pair stands at support area extending down to 1.4830 (low of March) which is expected to contain current decline and bring corrective movement towards 1.5100-1.5140 before any attempt another decline.

The price level 1.5060 corresponding to the lower limit of the depicted consolidation channel as well as 1.5000 were strongly broken down. However, the pair is currently facing strong support.

A bullish pause may be initiated next week. However, the bearish bias remains intact as long as 1.5000 remains defended by the bears.

There are no signs of bullish presence so far that's why waiting until next week is preferred to take higher probability trades.

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