Technical analysis of GBP/USD for August 29, 2018

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Overview:

The GBP/USD pair rose from the level of 1.2854 towards 1.2936 last week. Now, the current price is set at 1.2845. On the H1 chart, the resistance is seen at the levels of 1.2936 and 1.2973. Besides, the weekly support 1 is seen at the level of 1.2817. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.2854, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2854 and 1.2973. Therefore, buy above the level of 1.2854 with the first target at 1.2936 in order to test the daily resistance 1 and further to 1.2973 (double top). However, if the pair fails to pass through the level of 1.2973, the market will indicate a bearish opportunity below the level of 1.2973. The market will decline further to 1.2854 in order to return to the weekly pivot point. Additionally, a breakout of that target will push the pair further downwards to 1.2735. Besides, it should be noted that the weekly pivot is seen at the level of 1.2854. Moreover, the market is still in an uptrend. We still prefer the bullish scenario.

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