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Remain flat

Remain flat | 28 August 2020

28 August 2020, GBP/USD

Remain flat

Technical observation

GBP is trading below a resistance line it established around 1.3263 with an increasing bearish rally , I expect this bearish movement to continue to the zone 1.2781-1.2148 followed by a clear bounce within it for a surge to the upper side. My advice, remain neutral and wait for a correction to the zone 1.2781-1.2148 and a bounce to buy GBP. In case price does not bounce within the zone 1.2781-1.2148but instead penetrate below it with a big red candle, you can anticipate price to plummet towards the supportive line 1.2161 or even surge further to the lower supportive level marked at 1.1532.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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