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Wait for a pullback

Wait for a pullback | 31 July 2020

31 July 2020, GBP/USD

Technical observation

This week the value of the pair on the weekly chart above has been trading with an increasing bullish momentum and I expect it to close bullish. Next week I expect a pullback to the zone 1.2690-1.2613 price penetrated above last week followed by a rejection within it for upwards rally. My advice, buy GBP within the zone 1.2690-1.2613 after a correction and a rejection within it with your take profit at 1.3411-1.3481. In case of a break above the zone 1.3411-1.3481, I expect further bullish price rally towards the key level 1.4505. On the chart above, only long positions look ideal and I can recommend.

Trade recommendation

Wait for a pullback to 1.2690-1.2613 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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