empty
 
 
07.08.2020 09:18 AM
Technical analysis of EUR/USD for August 07, 2020

This image is no longer relevant

Overview:

The GBP/USD pair faced resistance at the level of 1.1968, while minor resistance is seen at 1.1909. Support is found at the levels of 1.1768 and 1.1725.

Pivot point has already been set at the level of 1.1768. Equally important, the GBP/USD pair is still moving around the key level at 1.1768, which represents a daily pivot in the H1 time frame at the moment.

The GBP/USD pair continued moving upwards from the level of 1.1768. The pair rose to the top around 1.1768 from the level of 1.1850.

In consequence, the GBP/USD pair broke resistance, which turned into strong support at the level of 1.1768. The level of 1.1768 is expected to act as the major support today.

We expect the GBP/USD pair to continue moving in the bullish trend towards the target levels of 1.1768 and 1.1828.

On the downtrend: If the pair fails to pass through the level of 1.1909, the market will indicate a bearish opportunity below the level of 1.1909. So, the market will decline further to 1.1768 and 1.1725 to return to the daily support.

Moreover, a breakout of that target will move the pair further downwards to 1.1682 in order to form the double bottom.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback