FX.co ★ GBP/USD intraday technical levels and trading recommendations for August 19, 2013

Last week, strong bullish pressure was applied at retesting 50% Fibonacci resulting in bullish engulfing candlestick extending further above 1.5400 (61.8% Fibonacci). This opened the way directly to 78% Fibonacci around 1.5550 which constituted temporary Intraday resistance that held price below for 5 days before bullish breakout took place on Thursday.

The cable established ascending bottoms around 1.5100, 1.5210 and recently 1.5420 supporting the ongoing bullish bias for the pair.

Key Supply Zone is located up near 1.5750 and would be a clear target area for anyone buying this market this week.

Key demand levels are located around 1.5555 and 1.5420 respectively. We can watch for price action around support to get back in-line with the uptrend.