We're flat temporarily. | 11 June 2020
11 June 2020, GBP/USD
Technical observation
GBP is retracing to the supportive zone it recently penetrated above 1.2624-1.2601 with an increasing bearish momentum. My expectation is a loss of this bearish rally within the zone for possible bullish movements of this pair. My recommendation is, remain neutral temporarily with this pair and wait for a correction and a bounce within 1.2624-1.2601 to pick long positions with your take profit at 1.3211 and stop loss at 1.2444. In case of a clear breach above the line 1.3211, wait for a pullback to it and a bounce before continue long with this pair towards the upper resistance level marked at 1.3612.
Trade recommendation
Remain neutral temporarily.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
