GBP USD Technical Analysis 12 August 2020
GBP USD Technical Analysis: The GBP declined 0.18% against the USD on Tuesday and closed at 1.3047. Today in the Asian session, while GBP USD technical Analysis 12 August 2020 at 5:15 GMT, the GBP/USD is trading at 1.3048, which is 0.01% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3018 and a fall through could take it to the next support level of 1.2980 The pair is expected to find its first resistance at 1.3070 and a rise through could take it to the next resistance level of 1.3100. Today’s expected trading range is between 1.2930, support and 1.3130 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.3018
Support 2: 1.2980
Support 3: 1.2930
Important resistance levels:
Resistance 1: 1.3070
Resistance 2: 1.3100
Resistance 3: 1.3130
GBP/USD buying opportunity for intraday trading on August 12, 2020
Buy near the support zones 1.3018 and 1.2980 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
GBP/USD selling opportunity for intraday trading on August 12, 2020
Sell near the resistance zones 1.3070 and 1.3100 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.