Wait for a break above 1.2626-1.2601 | 04 June 2020

Technical observation

GBP rose up to the resistance zone 1.2626-1.2601 and is currently trading below it with an increasing bullish momentum. I expect a breach above the zone mentioned above with a big green candle for further bullish movements. My advice, wait for a clear penetration above the zone 1.2626-1.2601 with big green candle and a correction to it to buy GBP with your take profit at 1.3071 and stop loss at 1.2513. In case there is no breach above the zone 1.2626-1.2601 but a pullback to the supportive zone 1.2229-1.2210, re-buy GBP within the zone with your take profit at 1.2601 and stop loss at 1.2149.

Trade recommendation

Wait for a clear breakout above 1.2626-1.2601 to buy GBP.