Technical analysis GBPUSD for 16.08.2023

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 traded between Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.28250. The closest support is the level 1.26030

Key levels

• 1.30960, 1.29670, 1.28250, 1.26030, 1.24980

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.28250, with Take Profit of 1.29670 and Stop Loss of 1.27160

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.26030, with Take Profit of 1.24980 and Stop Loss of 1.27160