Forex - GBP/USD Technical Analysis (British Pound / US Dollar)

Sentiment : 1.5643 1.5643
During the night, the British Pound appreciated strongly against the US Dollar, making appear a V-Bottom pattern. Normay, this type of pattern lead to a pursuit of the movement but several elements are going againt this scenario:- Major resistance at 1.5643 on a 4h timeframe - Exit of the bearish channel on a 4h timeframe - Bearish channel on H1

So, we expect a new bearish waves below the resistance at 1.5643. First, a return on 1.5512 (level 23.60% of fibonacci retracements) is expected. The breakout of this level will give a new sell signal and open the way towards 1.54.

If the bullish movement continues and the pair GBP/USD broke the resistance at 1.5643, a buy signal will be given. A test of the resistance at 1.5750 will be then expected on the next few days.

Analysis published by Bruno, the 06/29/2012 at 12h00 GMT+2

Complete sheet of the pair GBP/USD - Previous GBP/USD Analysis

Chart of the pair GBP/USD - Timeframe 4H - Zoom in :

Chart of the pair GBP/USD - Timeframe 4H - Zoom out:

GBP/USD Live Chart - Timeframe : 4h