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07.08.202009:18 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 07, 2020

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Overview:

The GBP/USD pair faced resistance at the level of 1.1968, while minor resistance is seen at 1.1909. Support is found at the levels of 1.1768 and 1.1725.

Pivot point has already been set at the level of 1.1768. Equally important, the GBP/USD pair is still moving around the key level at 1.1768, which represents a daily pivot in the H1 time frame at the moment.

The GBP/USD pair continued moving upwards from the level of 1.1768. The pair rose to the top around 1.1768 from the level of 1.1850.

In consequence, the GBP/USD pair broke resistance, which turned into strong support at the level of 1.1768. The level of 1.1768 is expected to act as the major support today.

We expect the GBP/USD pair to continue moving in the bullish trend towards the target levels of 1.1768 and 1.1828.

On the downtrend: If the pair fails to pass through the level of 1.1909, the market will indicate a bearish opportunity below the level of 1.1909. So, the market will decline further to 1.1768 and 1.1725 to return to the daily support.

Moreover, a breakout of that target will move the pair further downwards to 1.1682 in order to form the double bottom.

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