We're flat temporarily | 26 June 2020

Technical observation

On the weekly chart above, price is rallying with an increasing bullish bias below a resistance zone it established around 1.2594-1.2516. My expectation is a loss of this upwards movement within the above-mentioned zone for bearish movements of GBP towards the supportive level 1.1647. My advice, remain flat temporarily and wait for a correction to the zone 1,2594-1.2516 and a rejection within it to sell GBP with your take profit at 1.1647 and stop loss at 1.2951. On the chart above, as long as price is contained below the zone 1.2594-1.2516, we can only anticipate bearish movements of this pair.

Trade recommendation

Remain flat temporarily.