Technical Analysis of GBP/USD for August 13, 2020:

Technical Market Outlook:

The GBP/USD pair has been testing the upper boundary of the horizontal range located between the levels of 1.3067 - 1.3017. There is so far no indication of any bearish pressure and all the sideway price action looks like a typical correction in an up trend, but when the level of 1.3075 is clearly violated, then the market might rally towards the short-term trend line resistance seen around the level of 1.3100. 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. Any breakout above the local high at 1.3121 might accelerate the rally towards the level of 1.3169.

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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