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We're neutral

We're neutral | 06 July 2020

06 July 2020, GBP/USD

Technical observation

On the 4-hour chart above, GBP is trading within an increasing bullish momentum below a resistance zone 1.2634-1.2601. My expectation is a rise to the above mentioned followed by either a rejection within it for bearish movements of price or a clear penetration above the zone with a big green candle for upwards rally. In case of a bounce within 1.2634-1.2601, sell GBP within it with your take profit at 1.2192. Should there be a clear breakout above 1.2634-1.2601, wait for a pullback to the just broken zone and a rejection within it to confirm possible bullish movements of price before you buy GBP.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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