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Daily Market Analysis 13|08|2020: GBPUSD

Instrument: GBPUSD

Intraday: Bullish

Technical Analysis

Preference:  
Buy position is envisaged if price trades above 1.30737 with take profit at 1.31000
Alternative scenario: 
Sell position is envisaged if price trades below 1.30300  with take profit at key level 1.29475
Fundamentals:
No major economic data with direct bearing to this pair 

Comment:  This pair has been ranging for quite some time and is currently trying to trade higher to the next resistance; likewise, the weakness of the US dollar has made its pairs more attractive and stronger; hence, a buy on GBPUSD is envisaged as a safer trade.

Analysis: SCRUM Team

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