28.08.201215:20 Forex Analysis & Reviews: GBP/USD Support and Resistance for Tuesday, 28 August, 2012

Long-term review

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Monday, 27 August, was a regular day for the British pound. It was trading in the sideways price channel in the range of 1.5793-1.5818 and has not expressed any distinct dynamics in the regard of the further direction.
At the end of the day, the prices were placed in the areas of VAL – 1.5997 and VAH – 1.5814. The point of control POC was formed in the 1.5808.
Forecast for Today:
During today’s Asian session the British pound dropped sharply against the US dollar and then restored its positions.
In case of downtrend resumption, the first resistance level will be POC area from 22 August – 1.5797. From that level the uptrend will continue from VAL of 24 August – 1.5823 and then to the POC level of that day – 1.5861 and after that towards VAH of 24 August – 1.5897.
The most conservative longs will be up to VAL of 16 May – 1.5906.
In case the downturn continues, the first support level will be in the POC area of 21 August – 1.5760. After that the decline will extend towards POC of 16 August – 1.5737 and then to POC of 20 August – 1.5707.
The most conservative shorts will be up to POC of 14 August – 1.5690.

Description
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.

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