Remain flat | 18 August 2020

18 August 2020, GBP/USD

Technical observation

GBP is trading with an increasing bullish momentum between a resistance line 1.3290 and a supportive zone 1.2781-1.2753. I expect either a rise to the line 1.3290 followed by a clear breakout above it with a big green candle or a decline to the supportive zone 1.2781-1.2753 and a bounce within it to pick long positions. My advice, in case of a clear breakout above 1.3290, wait for a correction to it and a bounce to buy GBP with your take profit at 1.3648 and should there be a decline to the zone 1.2781-1.2753, buy this pair within the zone towards 1.3290. Right now, remain flat.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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