Wait for a breakout | 08 June 2020

Technical observation

GBP is currently trading with an increasing bullish bias below a resistance zone 1.2781-1.2753. In case you bought this pair within the zone 1.2215-1.2194, pick your profits at the key line 1.2753. However, i expect a clear breakout above 1.2781-1.2753 with a big green candle followed by a correction to it for further bullish movements. If you are currently flat with this pair, remain so and wait for a breach above 1.2781-1.2753 and a rejection within it to buy GBP with your take profit at 1.3290 and stop loss at 1.2578. Should there be a clear breakout above 1.3290, you can expect further bullish momentum.

Trade recommendation

Wait for a breakout above 1.2781-1.2753 to buy GBP.