MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of GBP/USD for August 21, 2019

analytics5d5d186b261be.png

Overview:

The GBP/USD pair continues to move downwards from the zone of 1.2287.

The GBP/USD pair movement was debatable as it took place in a downside channel for a while.

But, the market showed signs of instability between the levels of 1.2122 and 1.2045.

Amid the previous events, the price is still moving between the levels of 1.2287 and 1.2015.

The daily resistance and support are seen at the levels of 1.2287 and 1.2015 respectively.

It is recommended to be cautious while placing orders in this area. Thus, we should wait until the downside channel has completed.

Since the trend is below the 50% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.

Trading recommandations:

From this point, we expect the GBP/USD/CHF pair to continue moving in the bearish trend from the resistance level of 1.2287 towards the target level of 1.2015. If the pair succeeds in passing through the level of 1.2015, the market will indicate the bearish opportunity below the level of 1.2015 in order to reach the second target at 1.1898. However, it would also be sage to consider where to place a stop loss; this should be set above the first resistance of 1.2287.

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