FX.co ★ GBP/USD intraday technical levels and trading recommendations for August 20, 2013

Based on the chart above, the cable has been trending up within the depicted ascending wedge, the upper limit of which is being tested around 1.5690-1.5700 showing overbought state of the pair.

Bearish pressure may be applied to visit the minor uptrend line located around 1.5560 with a possibility for a breakdown to take a deeper retracement towards the major uptrend line depicted on the chart. However, none of this will happen until the bears manage to break below 1.5600 early this week.

Breakthrough above 1.5690-1.5700 will result in immediate visit towards 1.5750 mentioned on the daily chart.