FX.co - GBP/USD update for August 23, 2021 - Breakout of the accumulation zone and potential for test of 1.3725

2021-08-23T11:31:07

Relevance until2021-08-24

Technical analysis:

GBP/USD update for August 23, 2021 - Breakout of the accumulation zone and potential for test of 1.3725

GBP/USD has been trading upside today and there is still space for more upside continuation towards 1,3725.

Trading recommendation:

Watch for potential buying opportunities on the intraday pullbacks with the upside targets at the price of 1,3735 and 1,3775.

The main cause of the current upside movement is exhaustion from sellers in the background and breakout of the pivot resistances.

Support level is set at the price of 1,3625

*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 23, 2021 - Breakout of the accumulation zone and potential for test of 1.3725