FX.co ★ GBP/USD Intraday Technical Analysis and Trading Recommendations for August 23, 2012

The GBP/USD pair has expressed a wide range movement which was expected considering the wide Linear Regression Yellow channels expressed this week.
Again, the GBP/USD pair has resumed its bullish movement recording a higher high today at 1.5912 after breaking through 1.5810 without having its expected bearish retracement.
The pair has an important intraday Resistance level located around 1.5910 which was tested today corresponding to the upper limit of the Yellow channel which acted as a resistance of the bullish movement in the short term.
The lower limit of the Violet channel as well as the midline of the Yellow channel are located around the price level of 1.5860 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 1.5820.