FX.co ★ GBP/USD: technical analysis for August 16, 2013

Overview: GBP/USD: The resistance has been already set at the level of 1.5805 as well as the support has been set at 1.5590 for August 12 - 16, 2013. Therefore, according to the previous events, the price has still been trapped between 1.5600 and 1.5570, then it should be noted that the range today will be around 90 - 120 pips. Consequently, the trend on the time frame H1 is called for a bullish market at the level of 1.5590. Hence, below 1.5590 look for further upside move with targets at 1.5650 and 1.57 today. On the other hand, sell below 1.5805 with a first target at 1.5715; it might resume to 1.5655 newt week in order to test the strong support of this week.

Intraday technical levels:

Date: 16/08/2013

Pair: GBP/USD

R3: 1.5812 R2: 1.5730 R1: 1.5680 PP: 1.5598 S1: 1.5548 S2: 1.5466 S3: 1.5416