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Trading Signal for GBP/USD for August 19 - 20, 2021: Buy above 1.3671

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Yesterday after the publication of the FOMC minutes, the British pound began a fall to the low of 1.3664. Today in the American session it has found some support around this level since there is the 0/8 of Murray.

In summary, the FOMC minutes have shown that there is growing support for reducing the bank's bond purchase program in the coming months. This data has helped the US dollar gain ground against its crosses, and the British pound fell more than 120 pips.

By the end of July when this FOMC meeting took place everything seemed to be going well. However, August consumer confidence plunged below pandemic lows and the retail sales figures were severely disappointing in July. In addition, the Delta variant of COVID-19 continues to affect the economic recovery.

According to the 4-hour chart, the GBP / USD has reached an important support around 0/8 of Murray. This is the key level because on March 24, April 12 and July 21, it has given a strong boost to the British pound. From there it could rise about 380 pips on average.

Therefore, it is important to watch the level of 1.3671. If the British pound consolidates above this level or makes a double bottom in this area, it will be a sign of a bullish rebound with targets towards the SMA 21 located at 1.3773 and up to the strong resistance of 1.3822 (EMA 200).

The technical reading of the Eagle indicator that measures the volume and strength of the market is showing an oversold signal with an imminent technical rebound for the next few hours. It may favor our bullish outlook in the short term.

Support and Resistance Levels for August 19 - 20, 2021

Resistance (3) 1.3745

Resistance (2) 1.3717

Resistance (1) 1.3701

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Support (1) 1.3653

Support (2) 1.3610

Support (3) 1.3563

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A trading tip for GBP/USD for August 19 - 20, 2021

Buy above 1.3671 (0/8 of Murray), with a take profit at 1.3773 (SMA 21) and 1.3822 (EMA 200), a stop loss below 1.3630.

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