08 Julio 2020, GBP/USD
Technical observation
On the 4-hour chart above, price pulled back to a supportive zone it established around 1.2481-1.2467 but could not break below it. GBP then bounced within the zone and is currently trading with an increasing bullish momentum. If you bought this pair within 1.2481-1.2467 after a bounce, remain in the trade with your take profit at 1.2667 and stop loss at 1.2399. In case there is clear breakout below the zone 1.2481-1.2467 with a big red candle, wait for a correction to it and a rejection within it to confirm possible bearish movements of price before you sell GBP with your take profit at 1.2271.
Trade recommendation
Remain long with your take profit at 1.2667.
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