GBPUSD Daily Forecast Aug 21 2020

Pound dollar 9868556 9

GBPUSD: Consolidates With Upside Bias…

The outlook in GBPUSD remains neutral with risk to the upside, support comes at the 1.3092 levels while resistance comes at the 1.3283 levels. On the upside, above 1.3283 restores the upside momentum and target 1.3420 levels, further upside, resistance comes at 1.3530 levels.

On the downside, support comes at 1.3092 levels. A halt is likely, it may turn higher from here. But below 1.3092 aims the 1.2978 levels. Below 1.2978 sees further weakness to the 1.2812 levels, further down, will extend the corrective pullback to 1.2665 levels.

In conclusion: The GBPUSD sees consolidation move within 1.3092/1.3283 range…

Support: 1.3092, 1.2978, 1.2900, 1.2812, 1.2665

Resistance: 1.3283, 1.3420, 1.3530, 1.3610, 1.3710

A failure to hold below 1.3092 on a daily closing basis could mean a return to 1.3283 levels…

GBPUSD Daily Forecast Aug 21 2020