Technical Analysis of GBP/USD for August 11, 2020:

Technical Market Outlook:

The GBP/USD pair has been seen trading in narrow intraday range after the bears has hit the level of 1.3008 and then the bulls has pushed the rate back towards the level of 1.3067. The range has been located between the levels of 1.3047 - 1.3100 as the volatility dries up. The key technical support is seen at the level of 1.2979, so as long as the market trades above it, the odds for another wave up are high.

Weekly Pivot Points:

WR3 - 1.3353

WR2 - 1.3261

WR1 - 1.3146

Weekly Pivot - 1.3060

WS1 - 1.2937

WS2 - 1.2860

WS3 - 1.2735

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).

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