FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for August 20, 2012

Considering the Linear Regression channels H1 chart, the GBP/USD pair has expressed wide range movement which is manifested in the depicted bullish Blue & Yellow channels.
The upper limit of the short term bearish Violet channel has been broken earlier today which enhances the bullish view of the pair in the short term.
The lower limit of the Yellow & Blue channels as well as the backside of the broken Violet channel are located around price level of 1.5680 which is considered to be a valid low risk BUY entry with SL located below 1.5660, while TP levels are to be located around 1.5715, 1.5744 then 1.5785.
The pair has an important intraday resistance level located around 1.5725 corresponding to the midline of the Yellow channel which needs to be broken in order to resume the bullish scenario.