Buy a bounce from 1.20217 with your take profit at 1.20947. | 03 September 2019

Technical Observation

GBPUSD is currently trading with in an increasing bearish bias momentum. Since the previous week, GBPUSD has been in an active downtrend and is still very bearish. Currently, this pair is approaching a key 4 hour support level 1.20217. This is a key level, and while the price is above it, we're waiting for a bounce from it to pick a long term buy towards 1.20947. A break below, 1.20217 will mean we're continuing to the lowerside towards 1.20085. On this chart, we're looking at only the following levels 1.22941, 1.21883, 1.20947 and 1.20217.

Trade Recommendations:

Buy a bounce from 1.20217 with your take profit at 1.20947.