We're bullish towards 1.2753. | 16 June 2020

Technical observation

GBP retraced to the supportive zone 1.2497-1.2479 and was contained. Following its rejection within the above-mentioned zone, GBP has been trading with an increasing bullish momentum and I expect this movement to continue to the key level 1.2753. If you bought this pair within the zone 1.2497-1.2479, remain in the trade with your take profit at 1.2753 and stop loss at 1.2396. In case of a breach above 1.2753, continue long with this pair after a correction to the just broken line and a rejection. Should there be a clear penetration below the zone 1.2497-1.2479, I expect a surge towards the supportive level 1.2225.

Trade recommendation

Remain bullish with your take profit at 1.2753.