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Wait | 03 August 2020

03 August 2020, GBP/USD

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Technical observation

Just like EUR, GBP is trading with an increasing bullish bias above a supportive zone 1.2600-1.2613 it recently broke above with a big green candle. Last week GBP rose further with a big green candle and this week however, expect bearish movements of price towards the zone 1.2600-1.2613. This anticipated bearish price rally is a correction to the zone 1.2600-1.2613 for bullish movements of price. My advice, remain neutral and wait for a correction to the zone 1.2600-1.2613 and a bounce within it to buy GBP with your take profit at 1.4505 and stop loss at 1.2325. Right now, remain flat.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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