Updated the:
08/29/2012
GBP/USD : Medium term ascending triangle

Sentiment :
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1.5750
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1.5750
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The pair GBP/USD has rebounded during August on the bullish slant (black line) which is shaping an ascending triangle with the resistance at 1.5750. This resistance has been tested third time and that let us think to an exit from the top for the next test. The price is currently close of this level. In h1, the pair is moving into a bullihs channel but the last movement is also lead by a bullish slant (green line).

The breakout of 1.5750 will give a new buy signal and will open the way towards 1.58 and 1.5850. We stay bullish as far as 1.5650 is support.

In case of return below 1.5650, we will be neutral between this level and 1.5580.

Analysis published by Bruno, the 08/21/2012 at 09h30 GMT+2

Updated the 08/23 - Last tuesday, the pair GBP/USD got out from the top of its medium term ascending triangle, breaking the resistance at 1.5750 (new buy signal). Then, the price took support on the upper band of its bullish channel in h1 (purple lines) and a strong bullish rally has followed. The breakout of 1.5850 gave us a new buy signal. Currently, the pair is testing the next resistance at 1.59.

In h4, a short term bullish slant (blue line) appears and is almost the same as the one in h1 (green line). Although a pullback on 1.58 stay possible (the pair could have the need the breath), a pursuit of the movement towards the major resistance at 1.60 is expected. The breakout of 1.59 will open the way to this level. If 1.59 is broken shortly, a pullback on 1.58 will not be up to date.

We stay bullish as far as 1.58 is support. In case of breakout of this level, we will be neutral between 1.58 and 1.5750.

Updated the 08/29 -

The pair GBP/USD has failed to break the resistance at 1.59 last week and a correction occured. We had targeted a pullback on 1.58 but the correction continued towards the support at 1.5750, level who match with our bullish slant in h4 (the slant has been a little modified to take into account all lows).

We continue to advise long positions as far as 1.5750 is support. The breakout of the bearish slant in h4 (red line) will indicate a new bullish wave. The price could take support on the upper band of its former bullish channel in h1 (purple lines) like last time.

A return above 1.5850 will comfort our bullish feeling and the breakout fo 1.59 will open the way towards a test of 1.60.

In case of return below 1.5750, a sell signal will be given. A test of 1.5666 will be then expected.

Complete sheet of the pair GBP/USD - Previous GBP/USD Analysis
Chart of the pair GBP/USD - Timeframe 4H
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Chart of the pair GBP/USD - Timeframe 1H
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