empty
 
 
21.08.2019 12:24 PM
Technical analysis of GBP/USD for August 21, 2019

This image is no longer relevant

Overview:

The GBP/USD pair continues to move downwards from the zone of 1.2287.

The GBP/USD pair movement was debatable as it took place in a downside channel for a while.

But, the market showed signs of instability between the levels of 1.2122 and 1.2045.

Amid the previous events, the price is still moving between the levels of 1.2287 and 1.2015.

The daily resistance and support are seen at the levels of 1.2287 and 1.2015 respectively.

It is recommended to be cautious while placing orders in this area. Thus, we should wait until the downside channel has completed.

Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.

Trading recommandations:

From this point, we expect the GBP/USD/CHF pair to continue moving in the bearish trend from the resistance level of 1.2287 towards the target level of 1.2015. If the pair succeeds in passing through the level of 1.2015, the market will indicate the bearish opportunity below the level of 1.2015 in order to reach the second target at 1.1898. However, it would also be sage to consider where to place a stop loss; this should be set above the first resistance of 1.2287.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback