Technical Overview of GBP/USD -8/7/2020

The GBP/USD will take the bid and go near the 1.2490 up to the 0.05% during this Monday on Asian Session. The Cable pair will extend the bounce off on this Friday with the bounce off 200 bar SMA. It will reach the head and shoulder pattern formation according to the 4 hour chart.

The neckline of the Pair shows the bullish pattern that will join the Retracement level on 10-29 level that will add strength to the upside barrier. It will increase the conditions with the RSI trading condition that will go to the sustained trading beyond the 200-Bar SMA.
The pair was previously traded at 1.2483. The resistance level for the pair will be 1.2497 and the support level for the pair will be 1.2473.