GBP/USD: Since price is making higher highs and higher

Tian Kriek

Analyst


August 5, 2020 01:30 PM

BEARISH

Daily Trading Range:
GBP/USD: Since price is making higher highs and higher lows, the Counter Trend Line on the Weekly chart was adjusted. This means that price is retracing Bullish inside the Down Fibonacci AB Boundary. Next siginificant level of horizontal resistance is the round number at 1.3200. I can see that the Daily Fibonacci D extension was hit and therefore I regard price as overbought. I'll wait for a retracement on the Daily time frame before I consider a Buy trade. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-5-aug/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.3250
Resistance 2: 1.3500
Resistance 1: 1.4000
Current Price 1.3128
Support 1: 1.2900
Support 2: 1.2500
Support 3: 1.2000

Two Hour Chart

Two Hour Chart
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