04.08.202008:00 Forex Analysis & Reviews: Technical Analysis of GBP/USD for August 4, 2020:

Technical Market Outlook:

The up trend on GBP/USD pair is developing despite some local pull-backs. The recent one has hit the level of 1.3017, but the bulls has managed to lift the price back up towards the level of 1.3070. The next target for bulls is seen at the level of 1.3199 and the nearest technical support is located at the level of 1.3067, 1.3047 and 1.3017. The market conditions are now extremely overbought, so the bears might still try to push the prices towards this levels during a pull-back. The key short-term technical support is located at the level of 1.2869.

Weekly Pivot Points:

WR3 - 1.3655

WR2 - 1.3405

WR1 - 1.3252

Weekly Pivot - 1.2996

WS1 - 1.2877

WS2 - 1.2627

WS3 - 1.2492

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404).