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20.08.202009:16 Forex Analysis & Reviews: Analysis and trading recommendations for the GBP/USD pair on August 20

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.

Trading recommendations for GBP / USD on August 20

Analysis of transactions

Good data on UK inflation failed to raise the rate of the British pound in the market. And although a buy signal at the level of 1.3250 was formed in the morning, it did not lead to any significant growth on the GBP / USD pair. Nonetheless, sell transactions from the level of 1.3208 gave more than 50 points of profit, thereby blocking the losses realized in the morning.

Exchange Rates 20.08.2020 analysis

The rumors of a progress in the negotiations on a new aid package to the US economy increased demand for the US dollar. In addition, any good news on the US labor market, which will be released today, will be another impetus on the rise of the dollar and sinking of the British pound in the market.

Exchange Rates 20.08.2020 analysis

  • Buy positions when the quote reaches a price level of 1.3112 (green line on the chart), targeting a rise to the level of 1.3161 (thicker green line on the chart). However, growth will only occur if data on the US labor market comes out worse than the forecasts. Nonetheless, take profit at the level of 1.3161.
  • Sell positions after the quote hits a price level of 1.3070 (red line on the chart). A price drop will occur if data on the US labor market indicates another decrease in the number of initial applications for unemployment benefits. Nevertheless, the target and take profit level is 1.3021.
Jakub Novak
Analytical expert of InstaForex
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