Technical analysis GBPUSD for 24.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.17575. The closest resistance is the level 1.18200

Key levels

• 1.19900, 1.18950, 1.18200, 1.17575, 1.16650

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.18200, with Take Profit of 1.18950 and Stop Loss of 1.17575

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.17575, with Take Profit of 1.16650 and Stop Loss of 1.18200