Remain flat | 02 July 2020
02 July 2020, GBP/USD
Technical observation
On the daily chart above, price did not break below the supportive zone 1.2215-1.2194; instead, it bounced above it and is currently trading with an increasing bullish momentum. This bullish movement is correction to the resistance zone GBP established around 1.2781-1.2753 and I expect a rejection within it to re-sell GBP. Remain neutral with this pair and wait for a pullback to the zone 1.2781-1.2753 band a bounce within it to sell GBP with your take profit at 1.2215 and stop loss at 1.2963. You can only anticipate upwards movement of price above the zone 1.2781-1.2753 towards 1.3290.
Trade recommendation
Remain flat.
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.
