Remain long | 18 June 2020

Technical observation

GBP corrected itself to a supportive zone 1.2497 -1.2479 and price bounced within it. Right now, this pair is trading with an increasing bullish bias and I expect it to continue to the key level 1.2753. If you bought GBP within the zone mentioned above after a bounce, remain long with your take profit at 1.2753 and stop loss at 1.2394. On the flip side, should price penetrate below the zone 1.2497 -1.2479 with a big red candle, I’ll expect a correction to the just broken zone and a bounce within it for a surge towards the supportive level 1.2225 and a clear break below it for more bearish movements towards 1.1764.

Trade recommendation

Remain long with your take profit at 1.2753.