Remain short towards 1.2215 | 15 June 2020

15 June 2020, GBP/USD

Remain short towards 1.2215

Technical observation

GBP is trading below a resistance zone 1.2781-1.2753 with an increasing bearish momentum. I expect this bearish movement to continue to the supportive zone 1.2215-1.2194 followed by either a bounce within it of a clear penetration below it with a big red candle. If you sold GBP within the zone 1.2781-1.2753 after a bounce, remain short with your take profit at 1.2215 and stop loss at 1.2980. In case there is clear break out below the zone 1.2215-1.2194, wait for a correction to the just broken zone and a rejection within it to confirm further bearish movements of GBP before you continue short towards 1.1768.

Trade recommendation

Remain short with your take profit at 1.2215.

Imelda Maseno
Analyst of «FreshForex» company
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