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Remain flat

Remain flat | 22 July 2020

22 July 2020, GBP/USD

Technical observation

On the weekly chart above price is trading with an increasing bullish bias just above the resistance zone 1.2690-1.2613. This is a possible breakout above the zone and this week’s candle could close above the zone, if that is the case, wait for a correction to the just broken zone and a bounce within it to confirm upwards movement for price to buy GBP with your take profit at 1.3411 and stop loss at 1.2325. In case price does not break above the zone 1.2690-1.2613, sell GBP within the zone with your take profit at 1.1647 and stop loss at 1.3081. Right now, remain flat with this pair and wait for a breakout.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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