GBP/USD: Short-Term Double-Bottom Formation
GBP/USD has validated a double-bottom formation with an upside potential at 1.5298. Resistances can be found at 1.5281 (20/05/2013 high) and 1.5331 (14/05/2013 high). Hourly supports are at 1.5197 (intraday low) and 1.5099 (intraday low).
In the longer-term, the break of the horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high) calls for a further medium-term decline. Therefore, the rise from 1.4832 is viewed as a rebound. A key resistance can be found at 1.5606 (01/05/2013 high, see also 50% retracement).