26 Agustus 2020, GBP/USD
Technical observation
On the chart above, price is trading with an increasing bearish momentum above a supportive 1.3037-1.3019. My expectation is a decline to the supportive mentioned above followed by a rejection within it for bullish movements of price towards the resistance line 1.3255. My advice remain flat and wait for a correction to 1.3037-1.3019 to buy GBP with your take profit at 1.3255 and stop loss at 1.2943. Should there be a clear break below the zone 1.3037-1.3019 with a big red candle, I expect the value of this pair to surge to the lower side towards 1.2854 or even lower to the supportive line 1.2652.
Trade recommendation
Remain flat.