Technical analysis GBPUSD for 29.08.2023

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 1.27520. The closest support is the level 1.24560

Key levels

• 1.31320, 1.29410, 1.27520, 1.24560, 1.23060

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.27520, with Take Profit of 1.29410 and Stop Loss of 1.26060

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.24560, with Take Profit of 1.23060 and Stop Loss of 1.26060