We're flat temporarily. | 11 June 2020

11 June 2020, GBP/USD

We're flat temporarily.

Technical observation

GBP is retracing to the supportive zone it recently penetrated above 1.2624-1.2601 with an increasing bearish momentum. My expectation is a loss of this bearish rally within the zone for possible bullish movements of this pair. My recommendation is, remain neutral temporarily with this pair and wait for a correction and a bounce within 1.2624-1.2601 to pick long positions with your take profit at 1.3211 and stop loss at 1.2444. In case of a clear breach above the line 1.3211, wait for a pullback to it and a bounce before continue long with this pair towards the upper resistance level marked at 1.3612.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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