We're flat | 16 Agustus 2019

16 Agustus 2019, GBP/USD

We're flat

Technical observation

On the weekly chart above, price declined for several weeks following the penetration below the supportive level 1.2578, this week however GBP has been rising and I expect it to close bullish, more bullish movements of this pair can be expected next week and the weeks to come towards the line 1.2578 followed by a bounce at it. In case there’s no correction to 1.2578 then a clear penetration below the line 1.2004 with a big red candle followed by a correction to it can be expected. Remain flat and wait for either a correction to 1.2578 and a bounce to resell GBP, or a clear penetration below 1.2004 and a correction to it to.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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