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Remain flat

Remain flat | 19 July 2021

19 July 2021, GBP/USD

Technical observation

Just like EUR, GBP is trading with an increasing bearish bias above a supportive zone 1.3737-1.3703, I expect a bounce within the zone I have mentioned above to pick long positions towards the resistance level 1.4216, If price is not sustained above the zone and instead it penetrates below it with a big red candle, my expectation is a retracement to the just broken zone and a bounce within it for a surge to the lower side. My advice, remain flat temporarily and buy a bounce within the zone 1.3737-1.3703 with your take profit at 1.4216 and stop loss at 1.3511, in case of a penetration below 1.3737-1.3703 pick short positions after a correction to the broken zone.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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