FX.co ★ Intraday technical levels and trading recommendations for GBP/USD for February 24, 2014

The pair remains in the bearish impulse initiated off its peak around 1.6820.

On Friday, the pair had reached 1.6724 before prominent bearish rejection was expressed to achieve daily closure at 1.6615 resulting in a "Shooting-Star" daily candlestick.

Breakdown of 1.6600 handle is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.

Stabilization of 1.6600 protects the pair from further decline, with sideway consolidative phase seen preceding a possible attempt to push higher.

Daily bulls were concentrated around 1.6600 considered as an ideal reversal point.

The bears failed to breakdown this demand level resulting in a bullish engulfing 4H candlestick that's pushing again towards 1.6666.

Breakthrough above 1.6666 opens the way towards 1.6720/40. Breakdown of which, is a must to bring bulls back to push towards 1.6770-1.6820 initially.