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Remain flat

Remain flat | 02 July 2020

02 July 2020, GBP/USD

Remain flat

Technical observation

On the daily chart above, price did not break below the supportive zone 1.2215-1.2194; instead, it bounced above it and is currently trading with an increasing bullish momentum. This bullish movement is correction to the resistance zone GBP established around 1.2781-1.2753 and I expect a rejection within it to re-sell GBP. Remain neutral with this pair and wait for a pullback to the zone 1.2781-1.2753 band a bounce within it to sell GBP with your take profit at 1.2215 and stop loss at 1.2963. You can only anticipate upwards movement of price above the zone 1.2781-1.2753 towards 1.3290.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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