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We're flat

We're flat | 21 July 2020

21 July 2020, GBP/USD

Technical observation

GBP rose steadily up to a resistance level 1.2667 but could not break above it. Price bounced at the resistance line and is showing signs of retracing to the supportive zone 1.2481-1.2467. My expectation is bearish price rally to the supportive zone mentioned above followed by a rejection within it for an upward momentum of price. Right now, remain flat with this pair and wait for a correction to the zone 1.2481-1.2467 and a rejection within it to buy GBP with your take profit at 1.2667 and stop loss at 1.2413. In case of a break above 12667, I expect further bullish movements of price towards 1.2813.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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