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Remain flat

Remain flat | 26 August 2020

26 August 2020, GBP/USD

Remain flat

Technical observation

On the chart above, price is trading with an increasing bearish momentum above a supportive 1.3037-1.3019. My expectation is a decline to the supportive mentioned above followed by a rejection within it for bullish movements of price towards the resistance line 1.3255. My advice remain flat and wait for a correction to 1.3037-1.3019 to buy GBP with your take profit at 1.3255 and stop loss at 1.2943. Should there be a clear break below the zone 1.3037-1.3019 with a big red candle, I expect the value of this pair to surge to the lower side towards 1.2854 or even lower to the supportive line 1.2652.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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