GBP USD Technical Analysis 7 August 2020
GBP USD Technical Analysis: The GBP rose 0.23% against the USD on Thursday and closed at 1.3142. Today in the Asian session, while GBP USD technical Analysis 7 August 2020 at 5:15 GMT, the GBP/USD is trading at 1.3094, which is 0.36% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3055 The pair is expected to find its first resistance at 1.3180 and a rise through could take it to the next resistance level of 1.3220. Today’s expected trading range is between 1.3030, support and 1.3255 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.3075
Support 2: 1.3055
Support 3: 1.3030
Important resistance levels:
Resistance 1: 1.3180
Resistance 2: 1.3220
Resistance 3: 1.3255
GBP/USD buying opportunity for intraday trading on August 7, 2020
Buy near the support zones 1.3075 and 1.3055 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 7, 2020
Sell near the resistance zones 1.3180 and 1.3220 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.