FX.co ★ Trading plan for GBPUSD for August 31, 2020

Technical outlook:

GBPUSD has printed fresh highs around 1.3369 level today. The GBP/USD is seen to be trading around 1.3330 level. At this point in writing, it is expected to hit a potential high. If the pair hits new high today, it is likely to reverse sharply from here and break below 1.3000. Immediate support is seen at 1.3300, while potential resistance could be in place around 1.3369 level respectively. The entire boundary is between 1.1414 and 1.3369 respectively. Also note that a major price resistance has been already taken out at 1.3200, while the next one is seen at 1.3500 respectively. A corrective drop may also occur soon.

Trading plan:

Remain flat for now.

Good luck!