FX.co ★ GBP/USD intraday technical levels and trading recommendations for September 12, 2013

Daily view:

The cable invalidated the reversal Head and Shoulders pattern maintaining a quite strong bullish momentum to the upside.

Daily closure above 1.5719 (the highest level in August) enhanced further bullish pressure to be applied so that the bulls could step above 1.5760 (the highest level in June).

Previous bullish swing targeted 100% Fibonacci Expansion level. This renders the current one targetting the same level which will be located around 1.6000 provided that 1.5760 remains solid.

4H view:

Obvious bullish pressure has been applied during the past two weeks rendering 1.5450 a valuable ascending bottom which was established during August.

The ascending channel depicted on the chart gives bullish potential for the pair towards 1.5930 where the upper limit of the channel is roughly located.

The pair remains bullish as long as it is moving above 1.5760 aiming for higher targets as mentioned above.

Re-сlosure below 1.5760 enables the bears to initiate an early retracement move.