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Exchange Rates 15.08.2019 analysis

Overview:

The GBP/USD pair wasn't make any significant movements seven days ago. There are no changes in our technical outlook. The bias remains sideways in the nearest term testing the levels of 1.1999 and 1.2248. The trend of GBP/USD pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 1.2248 and 1.2080. So, the daily resistance and support are seen at the levels of 1.2248 and 1.2080 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. On the H1 chart, the market seemed sideways for that the trend had hit only the resistance 1 last week and the range was tiny around 168 pips (1.2248 - 1.2080). Moreover, it should be noted that if moving averages cross over one another, then we expect sideways trend. But if moving averages cross over one another, the trend is probably changing soon. Finaly, if the pair fails to pass through the level of 1.2248, the market will indicate a bearish opportunity below the strong resistance level of 1.2248. Sell deals are recommended below the level of 1.2248 with the first target at 0.6600. If the trend breaks the support level of 1.2080 in rder to test the double bottom. The market is still ranging, hence we still prefer the sideways trend scenario. It is of the wisdom to trade only between these levels of 1.2248 and 1.2080 this week.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2019
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