Updated the:
07/13/2012
GBP/USD : New bearish wave expected
Sentiment :
sentiment
1.5570
sentiment
1.5512
sentiment
The British Pound strongly depreciated against the US Dollar. The pair GBP/USD got back below the major resistance at 1.5643 and is currently testing the fibonacci retracement 23.60% at 1.5512.

A pullback on 1.56 stay possible but we expect a new bearish wave towards the support at 1.54. In H1, the pair is back into its former bearish channel (purple lines).

The pair is currently accumulating strengh since several candlesticks in a 1h timeframe. Economic datas on the unemployment rate in the US published this day could launch the new bearish wave.

We stay bearish as far as 1.5643 is resistance. In case of return above this level, a buy signal will be given.
Analysis published by Bruno, the 07/03/2012 at 08h40 GMT+2

Update the 07/13 - The bearish wave that we expected on the pair GBP/USD occured and the price is currently on the support at 1.54. The breakout of this level will lead to a new bearish wave towards 1.5329 and the low of June 1st at 1.5268 in extension.

This bearish scenario is reinforced by the fact that the pair is moving into a bearish channel in h4 (purple line). In h1, a parallel of the bearish channel is currently giving resistance. In case of return above this slant, we will expect a test of the upper band of the channel.

We stay bearish as far as 1.5512 (level 23.60% of fibonacci retracement) is resistance. In case of return above this level, we will be neutral between 1.5512 and 1.5570.

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

Chart of the pair GBP/USD - Timeframe 4H

GBP/USD

Chart of the pair GBP/USD - Timeframe 1H

GBP/USD

GBP/USD Live Chart - Timeframe : 4h

Chart