Remain long | 31 Agustus 2020

31 Agustus 2020, GBP/USD

Remain long

Technical observation

GBP corrected to a supportive zone 1.3020-1.2984 but could not break below it. Price bounced within the zone and is currently trading towards a resistance line 1.3511. If you bought this pair within the above-mentioned zone after a rejection, remain long with your take profit at 1.3511 and stop loss at 1.2838. However, if you are currently neutral with this pair remain so and wait for either another correction to the zone 1.3020-1.2984 and a bounce within it to buy GBP or a clear breakout above the line 1.3511 with a big green candle followed by a correction and rejection within it to but this pair.

Trade recommendation

Remain long with your take profit at 1.3511.

Imelda Maseno
Analyst of «FreshForex» company
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