FX.co ★ Trading plan for GBPUSD for August 27, 2020

Technical outlook:

GBPUSD has surpassed resistance at 1.3200 levels and pushed higher towards 1.3267 levels as seen on the daily chart here. The Cable currency pair has reversed since then and is seen to be trading around 1.3181 levels at this point in writing. Since a major resistance has been taken out at 1.3200 levels, GBPUSD should produce a meaningful corrective drop. The entire boundary which is being worked upon is between 1.1414 and 1.3267 respectively. A corrective drop could be materialized 1.2500 at least and might extend towards 1.2200/50 levels as well. Immediate support is seen at around 1.3000, while resistance remains around 1.3267 respectively. A break below 1.3000 would accelerate lower.

Trading plan:

Remain short, stop @ 1.3330 target is open

Good luck!