Updated the:
07/03/2012
GBP/USD Technical Analysis comments :
Sentiment :
sentiment
1.5643
sentiment
1.5643
sentiment
The British Pound has started since last friday a strong bullish rally agains the US Dollar and the breakout of the major resistance at 1.5643 gave us a buy signal.

On a H1 chart, we can see that the pair GBP/USD already made a pullback on it. That's reinforce again this level. We expect a pursuit of the bullish movement towards 1.5784 (level 50% of fibonacci retracement). This level of resistance is also strong and match with the high of June 20th but it is also the starting point of bearish waves at the end of May. The breakout of this level will indicate a will of trend reversal on the rise on the pair GBP/USD. We could then target 1.5906 (level 61.80%).

This scenario stay possible as far as 1.5643 is support. This level stay our key level and if the price got back below, a sell signal will be given for a return on 1.5512 (level 23.60%).
Analysis published by Bruno, the 07/03/2012 at 08h40 GMT+2

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

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

GBP/USD

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

GBP/USD

GBP/USD Live Chart - Timeframe : 4h

Chart