empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

28.08.202015:01 Forex Analysis & Reviews: August 28, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 28.08.2020 analysis

Transient bearish breakout below 1.2265 (consolidation range lower limit) was demonstrated in the period between May 13 - May 26.

However, immediate bullish rebound has been expressed around the price level of 1.2080 bringing the GBP/USD back towards 1.2780 (Previous Key-Level) where another episode of bearish pullback was initiated.

Short-term bearish movement was expressed towards 1.2265 where Significant bullish rejection brought the GBP/USD pair back towards 1.2780 where this key-level failed to offer enough bearish rejection.

Intermediate-term Technical outlook for the GBP/USD pair remains bullish as long as bullish persistence is maintained above 1.2780 (Depicted KeyLevel) on the H4 Charts.On the other hand, the pair looks overbought after such a quick bullish movement while approaching the upper limit of the current expanding channel around 1.3300-1.3320.Hence, upcoming bearish reversal shouldn't be excluded provided that sufficient bearish reversal signs are expressed around the current depicted pattern upper limit.

Trade recommendations :

Intraday traders are advised to look for Signs of bearish rejection around the current price levels (1.3320) as a valid SELL Entry.

Initial T/p level is to be located around 1.3200 and 1.3100. On the other hand, bullish persistence above 1.3350 invalidates this trading scenario.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off