Technical analysis for GBPUSD on 27.08.13

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Technical analysisThe GBP/USD is trading flat between 1.5620 – 1.5550. A slight move down forming the descending channel indicates a possible move down.

Direction

Period

Expected price dynamics

Price movement corridor

↑↓

1 day

≈125 pips

Max. 1.5750

Min. 1.5400

GBPUSD technical analysis on 27.08.13

To continue the current bearish dynamics, the price should break and consolidate below the support level of 1.5550. The closest target will be set at 1.5480, which coincides with the support level and the lower line of the descending channel. The way to 1.5480 may go amid a slight rise; then the price fall may continue to the downtrend line of 1.5420.

GBPUSD technical analysis on 27.08.13

If the pair breaks up the descending channel and the resistance level of 1.5620, the bulls will have a good chance to consider buying at 1.5700. Should the rise continue, the pair will reach the resistance level of 1.5760 within the ascending channel.

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