FX.co ★ GBP/USD: technical analysis for August 22, 2013

Overview:

GBP/USD: The resistance has been already set at the level of 1.5653 as well as the support has been set at 1.5478 for August 19 - 23, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5580 and 1.5525, then it should be noted that the range today will be around 105 pips. Consequently, the trend on the time frame H1 is called for a bullish market at the level of 1.5480. Hence, above 1.5480 look for further upside move with targets at 1.5567, if could break the weekly pivot point, so the price it will continue towards 1.5650 today. On the other hand, sell below 1.5635 with a first target at 1.5565; it might resume to 1.5478 tomorrow in order to test the strong support of this week.

Intraday technical levels:

Date & Time: 22/08/2013 14:30

Pair: GBP/USD

Projected High:1.5845

Breakout (Buy Stop):1.5790

Strong Resistance (Sell Limit):1.5760

Current Pivot:1.5610

Strong Support (Buy Limit):1.5460

Breakout (Sell Stop):1.5435

Projected Low:1.5385