02.08.201912:26 Forex Analysis & Reviews: Technical analysis of GBP/USD for August 02, 2019

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The pair: GBP/USD
Time Frame: H1
Pivot point: 1.2217

Overview:

The GBP/USD pair dropped sharply from the level of 1.2217 towards the 1.2081 price during the last two days.
Today, the first resistance level is seen at 1.2217 (pivot) followed by 1.2303, while daily support 1 is found at 1.2081 and the level of 1.1994 will represent the second support at H1.
According to the previous events, we expect the GBP/USD pair to trade between 1.2217 and 1.1994.
The GBP/USD pair is continuing to trade in a bearish trend from the new support level of 1.2217; to form a bearish channel.
Therefore, the market is likely to show signs of a bearish trend around the spot of 1.2217.
It should be noted that volatility is very high for that the GBP/USD pair is still moving below the major level of 1.2217 in coming hours.
Since the trend is below the 38.2% Fibonacci level (1.2248), the market is still in a downtrend. Overall, we still prefer the bearish scenario.

Trading recommandations:

The market is indicating a bearish opportunity below 1.2217 so it will be good to sell at 1.2217 with the first target of 1.2081. It will also call for a downtrend in order to continue towards 1.1994. However, stop loss is to be placed above the level of 1.2248.

Comments:

The pair seemed to constitute towards the formation of a dropping wedge - bearish reversal pattern on the 1-hourly chart. This along with another descending trend-line, acting as a resisatance around the spot of 1.2248 and 1.2217.
The RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100 (blue trend).

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