GBP/USD: Trade ideas for Sep. 8

   Felipe Erazo

The GBPUSD is finding support on the level of 1.6280, so this pair is trying to make a bullish retracement, as the GBPUSD is in oversold zone, so it is normal that this pair probably go up the resistance level of 1.6373 (50.0 Fibo retracement level).

The GPBUSD could make a pullback in that resistance level to fall back to the support level of 1.6280. If this pair manages to make a breakout at that level, the next target would be the support level of 1.6190, where is located the 100.0 Fibo extension level. The RSI is in neutral territory, which indicates that the GBPUSD could enter in a phase of consolidation.

Trading recommendations: Put sell orders if the GBPUSD does a breakout at the support level of 1.6280, with take profit at 1.6190.

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