GBP/USD: Trade ideas for August 29

Felipe Erazo

The GBPUSD has made a rebound near the support level of 1.6565, where is located the 61.8 Fibonacci retracement level at the H1 chart. Now, this pair is trying to climb back to the 200 EMA, where it is located the resistance level of 1.6613.

If the GBPUSD manages to consolidate above the resistance of 1.6622, the next objective would be the level of 1.6652, where is located the 100.0 Fibonacci extension level. However, this pair could be forming a head and shoulders pattern, so the GBPUSD may fall back to the support level of 1.6565. The RSI indicator stays in positive territory and is showing a bullish divergence.

Trading recommendations: Put buy orders when the GBPUSD does a breakout at the resistance level of 1.6613 with take profit at the level of 1.6652.

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