04.05.201213:32 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Linear Regression Channels for May 4, 2012

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Considering the 1H Chart of GBP/USD pair and the associated Linear Regression Channels:

The GBP/USD pair has all of the Violet, Blue and Yellow channels directed downside indicating a significant bearish pressure of this week.
On Wednesday the GBP/USD pair has failed to break through the resistance zone 1.6230-1.6245. Instead it declined towards 1.6150; thus, lower bottom was made to compare with the previous one at 1.6185.
Yesterday the GBP/USD pair showed quite poor movement trapped between the suggested intraday resistance zone 1.6205-1.6220 which corresponds to the upper limit of the Yellow and Blue channels and the suggested Intraday support level at 1.6150 which corresponds to the lower limit of the Violet channel.
Now the pair is testing the intermediate line of the Yellow channel at 1.6165 which should be watched for price action.
Success of the GBP/USD pair's breakthrough above 1.6220 will allow the pair to shoot at higher levels probably at 1.6262.
Success of the GBP/USD pair's breakthrough 1.6150 will allow the pair to reach the lower levels, probably 1.6111 and 1.6080.

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