FX.co ★ GBP/USD 08.14.2019 -Thrid rejection of the key restiance at 1.2100

GBP/USD reached our yesterday's targets at 1.2070 and 1.2040 and after that it went to re-test again important resistance at 1.2100. Since I found the strong rejection of the resistance cluster at 1.2100, I still expect more downside.

Important levels to watch:

Green rectangle – Major resistance cluster (1.2100)

Yellow rectangle – Support 1 (1.2040)

Blue horizontal line – Support 2 (1.2015)

Based on the 1H time-frame, I found overbought condition and down flip on the stochastic oscillator, which is good confirmation for my downward bias. As long as the resistance at the price of 1.2100 is holding, you should watch for selling opportunities on the rallies with the targets at 1.2040 and 1.2016.