long towards 1.2601 | 02 June 2020

Technical observation

GBP retraced to a supportive zone it established around 1.2229-1.2210 and bounced within it before rallying upwards toward a resistance zone 1.2626-1.2601. If you picked long positions within the zone 1.2229-1.2210 after a bounce, remain long and pick your profits at the line 1.2601. In case if a bounce within 1.2626-1.2601, wait for another correction to the zone 1.2229-1.2210 to rebuy GBP, and should there be a breach above the resistance zone, wait for a retracement to it and bounce to confirm further bullish movements of price before you continue long with this pair towards the resistance line marked at 1.3071.

Trade recommendation

Remain long with your take profit at 1.2601.