Trading plan for GBPUSD for August 20, 2020

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Trading plan for GBPUSD for August 20, 2020

Trading plan for GBPUSD for August 20, 2020

Trading plan for GBPUSD for August 20, 2020

Technical outlook:

GBPUSD also reversed sharply lower following the FOMC minutes yesterday after printing highs around 1.3267 levels. It has carved an intermediary bottom around 1.3064 today, before pulling back higher. The Cable pair is seen to be trading at near 1.3136 at this point in writing and might be looking to retrace after yesterday’s drop. Immediate resistance is now in place around 1.3267, while support remains around 1.3000/10 levels respectively. A break below 1.3000 will confirm that bears are back in control and a meaningful top is in place around 1.3267 respectively. GBPUSD should be looking to carve lower lows and lower highs until prices stay below 1.3267, going forward.

Trading plan:

Remain short, stop @ 1.3300, target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/184795/