GBP/USD: Intraday technical analysis for March 29, 2013

Overview:

GBP/USD: The price is still between the levels 1.5160 and 1.5110, so it is recommended to be cautious while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate the signs of a bullish trend. In other words, BUY-deals are recommended higher than 1.5090 level with its first target at level 1.5165. From this point the pair is likely to begin the ascending movement to the point 1.5190 and further to the level 1.5220. However, if the pair fails to pass through the level 1.5220, the market will indicate a bearish opportunity below the strong resistance level 1.5220. In this regard, SELL-deals are recommended lower than the 1.5220 level with the first target of 1.5150. It is possible that the pair will turn to downward movement continuing the development of the bearish trend to the level 1.5090 in order to form triple bottom.