GBPUSD-Weekly Market Analysis-Aug20,Wk1

GBPUSD is not seated at a region for an aggressive demand zone for buying opportunity, a bullish engulfing as a candlestick confirmation is important for this trend trading opportunity.

The previous high at 1.3161 became an important resistance for observation for a counter-trend trade or sideway bounce trading opportunity. Trend Traders will be looking at that area too, which means if price head up to that region there is a stalling at that level is expected.