FX.co - GBP/USD update for August 06, 2021 - Potential for the breakout of the consolidation

2021-08-06T12:24:49

Relevance until2021-08-08

Technical analysis:

GBP/USD update for August 06, 2021 - Potential for the breakout of the consolidation

GBP/USD has been trading sideways at the price of 1,3915 and watching for the breakout will be good strategy under current condition.

Trading recommendation:

Watch for the breakout of the support at 1,3875 to confirm drop towards 1,3765 and 1,3720.

Stochastic oscillator got the fresh bear cross, which is another sign for the downside movement.

Key Resistance is set at the price of 1,3960

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

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD update for August 06, 2021 - Potential for the breakout of the consolidation