GBPUSD intraday technical analysis - 23/08/2017

GBPUSD

1.28192 / 1.282

SUMMARY

Down

TREND

Downward penetration

SENTIMENT

Bullish

VOLATILITY

Medium

MARKET ANALYSIS

Upwards scenario: Downside structure remains in focus, however break of our initial resistance at 1.2828 (R1) could enable recovery process and suggest next interim aim 1.2856 (R2). Final resistance is seen today at important fractal level 1.2885 (R3).
Downwards scenario: Our next support level is placed at 1.2807 (S1). Clearance here might stimulate bearish market participants to drive market price towards to our initial target zone from 1.2780 (S2) onto 1.2752 (S3) price levels.

Resistance levels: 1.2828, 1.2856, 1.2885

Support levels: 1.2807, 1.2780, 1.2752