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The level 1.33342 is a significant weekly resistance level

The level 1.33342 is a significant weekly resistance level | 02 September 2020

02 September 2020, GBP/USD

The level 1.33342 is a significant weekly resistance level

Wave Analysis

Last week, the British pound rallied massively to the upper side and even went above 1.33342. As long as the price remains above this level, we expect a possible continuation of both the impulsive waves (5) and (c) to the upper side and should break beyond 1.36430 towards 1.40 or even higher. The level 1.33347 is a major weekly resistance level and following the fact that the price successfully close above it last week, we are looking for long term buy positions. If the price again breaks below it, then will be considering a sell.

Trade Recommendations:

Expect a continuation to the upper side towards 1.40.

Bob Stan
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