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

Sentiment : 1.5570 1.5512
The British Pound strongly appreciated against the US Dollar. The bullish rally allowed the price to go out of its h4 bearish channel and also to made a return above the major resistance at 1.5643.

Although a pullback on 1.56 stay possible if the fibonacci retracement 38.20% at 1.5663 give resistance, we expect a pursuit of the bullish movement. The breakout of 1.5663 will open the way to a new bullish wave towards 1.5750 and 1.5785 (level 50%) in extension.

We are bullish as far as 1.5572 is support. In case of return below this level, we will be neutral between 1.5572 and 1.5512. Analysis published by Bruno, the 07/17/2012 at 09h15 GMT+2

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

Chart of the pair GBP/USD - Timeframe 4H

Chart of the pair GBP/USD - Timeframe 1H

GBP/USD Live Chart - Timeframe : 4h