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We're short towards 1.1647

We're short towards 1.1647 | 17 July 2020

17 July 2020, GBP/USD

We're short towards 1.1647

Technical observation

GBP retraced to a resistance zone it established around 1.2690-1.2613 but did not penetrate above it. As long as price is contained below the zone mentioned above, we can only anticipate bearish price rally. Within the zone 1.2690-1.2613 was the ideal place to pick short positions with this pair, in case you sold GBP within 1.2690-1.2613 after a bounce, remain short with your take profit at 1.1647 and stop loss at 1.3088. In case there is a clear breach above the zone 1.2690-1.2613 with a big green candle, wait for a correction to the just broken zone and bounce within it before you long GBP towards 1.3402.

Trade recommendation

Remain short with your take profit at 1.1647.

Imelda Maseno
Analyst of «FreshForex» company
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