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We're flat

We're flat | 19 August 2020

19 August 2020, GBP/USD

We're flat

Technical observation

On the daily chart above, price has risen up to a resistance line 1.3259, GBP is currently trading with an increasing bullish momentum at the line and my expectation is either a clear breakout above it with a big green candle, or a correction to the supportive zone 1.2781-1.2753. In case price penetrates above 1.3259, wait for a correction to it and a rejection to confirm upwards movements before you buy GBP and in case of a pullback to the zone 1.2781-1.2753, buy a bounce within the zone with your take profit at 1.3259 and stop loss at 1.2558. As it is on the chart above, only long positions look ideal.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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