GBP/USD 11.08.2019 – Good long zone and potential for the breakout of the downward channel

GBP is strading sideways at the price of 1.2800. The level of 1.2800 is critical pivot support for the GBP and I would like to watch for potential long positions near this support as long as we don’t see the clear down break. There is potential for the upside move and eventual test of 1.2938-1.2970.


RSI oscillator is showing that GBP is in oversold condition, which is good confirmation that sellers may be exhausted.

Support levels are seen at the price of 1.2780 and 1.2760. Resistance level is set at 1.2970.

The material has been provided by InstaForex Company –