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Technical Analysis of GBP/USD for August 7, 2020:

Technical Market Outlook:

The GBP/USD pair moved higher towards the recent swing high that was made at the level of 1.3169, violated it and made a new swing high at the level of 1.3184. Any clear violation of this level will lead to another wave up towards the next target seen at the level of 1.3199 and 1.3282. On the other hand, only a sustained breakout below the level of 1.2980 would change the short-term market sentiment and deepen the correction towards the level of 1.2869. The nearest technical support are seen at the level of 1.3067 and 1.3047.

Weekly Pivot Points:

WR3 - 1.3655

WR2 - 1.3405

WR1 - 1.3252

Weekly Pivot - 1.2996

WS1 - 1.2877

WS2 - 1.2627

WS3 - 1.2492

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