We're long within 1.2626-1.2601 | 09 June 2020

Technical observation

GBP is currently trading with an increasing bearish momentum above a supportive zone 1.2626-1.2601 and as long as price is contained above it, I expect upwards movements of GBP. I expect a loss of this bearish rally within 1.2626-1.2601 to place buy order with my take profit set at 1.3071 and stop loss at 1.2408. Should price break the level 1.3071, then I suggest waiting for a pullback to it to continue further upwards towards the key line 1.3519 or even higher. If the penetration above the zone 1.2626-1.2601 is false and there is a clear break below it, I anticipate bearish momentum towards 1.2229-1.2210.

Trade recommendation

Buy GBP within 1.2626-1.2601 with your take profit at 1.3071.