We present an analysis of X-ray high quality grating spectra of the Seyfert 1 galaxy NGC 5548 using archival Chandra HETGS and LETGS observations for a total exposure time of 800ks. The continuum emission is well represented by a powerlaw plus a black-body component. We find that the well known X-ray warm absorber in this source consists of two different outflow velocity systems. Recognizing the presence of these kinematically distinct components allows each system to be fitted independently, each with two absorption components with different ionization levels. The high velocity system consists of a component with temperature of 2.7X10^6K and another component with temperature of 5.8X10^5K. The low-velocity system required also two absorbing components, one with temperature of 5.8X10^5K; the other with lower temperature (3.5X10^4K). Once these components are considered, the data do not require any further absorbers. In particular, a model consisting of a continuous radial range of ionization structures is not required. The two absorbing components in each velocity system are in pressure equilibrium with each other. This suggests that each velocity system consists of a multi-phase medium. This is the first time that different outflow velocity systems have been modelled independently in the X-ray band for this source. The kinematic components and column densities found from the X-rays are in agreement with the main kinematic components found in the UV absorber. This supports the idea that the UV and X-ray absorbing gas is part of the same phenomenon. NGC 5548 can now be seen to fit in a pattern established for other warm absorbers: 2 or 3 discrete phases in pressure equilibrium. There are no remaining cases of a well studied warm absorber in which a model consisting of a multi-phase medium is not viable.
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