FX.co - GBP/USD update for August 27, 2021 - ABC upside correction completion

2021-08-27T12:10:57

Relevance until2021-08-28

Technical analysis:

GBP/USD update for August 27, 2021 - ABC upside correction completion

GBP/USD has been trading upside this morning but I see potential for downside movement.

Trading recommendation:

Due to potential potential end of the upside correction and exhaustion from buyers I see potential for the downside movement.

Watch for selling opportunities with the downside targets at 1,3700 and 1,3680.

Stochastic oscillator is showing overbought condition, which is sign that buying at this stage looks risky.

Resistance is set at the price of 1,373

*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 27, 2021 - ABC upside correction completion