FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for August 22, 2012

The GBP/USD pair has expressed a wide range movement which was expected considering the wide Linear Regression Yellow channels expressed on Monday.
The GBP/USD pair has resumed its bullish movement after hitting 1.5777 yesterday after recording a higher high today at 1.5816 after breaking down the lower limit of the Blue channel.
The lower limit of the Blue channel as well as the midline of the Yellow channel are located around the price level of 1.5767 which is considered to be an intraday Support level which needs to be broken in order to allow the GBP/USD pair to make retracement towards the lower limit of the Yellow channel around 1.5725.
The pair has an important intraday Resistance level located around 1.5810 which is being tested today corresponding to the upper limit of the Yellow channel which is expected to demonstrate a further resistance of the bullish movement in short term. Otherwise, the pair is going to make another bullish swing targeting at 1.5850 initially.