GBP USD Technical Analysis 5 August 2020
GBP USD Technical Analysis: The GBP declined 0.03% against the USD on Tuesday and closed at 1.3071. Today in the Asian session, while GBP USD technical Analysis 5 August 2020 at 5:15 GMT, the GBP/USD is trading at 1.3095, which is 0.30% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.3000 and a fall through could take it to the next support level of 1.2945 The pair is expected to find its first resistance at 1.3120 and a rise through could take it to the next resistance level of 1.3165. Today’s expected trading range is between 1.2910, support and 1.3200 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1.3000
Support 2: 1.2945
Support 3: 1.2910
Important resistance levels:
Resistance 1: 1.3120
Resistance 2: 1.3165
Resistance 3: 1.3200
GBP/USD buying opportunity for intraday trading on August 5, 2020
Buy near the support zones 1.3000 and 1.2945 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 5, 2020
Sell near the resistance zones 1.3120 and 1.3165 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.