We're neutral | 06 July 2020
06 July 2020, GBP/USD
Technical observation
On the 4-hour chart above, GBP is trading within an increasing bullish momentum below a resistance zone 1.2634-1.2601. My expectation is a rise to the above mentioned followed by either a rejection within it for bearish movements of price or a clear penetration above the zone with a big green candle for upwards rally. In case of a bounce within 1.2634-1.2601, sell GBP within it with your take profit at 1.2192. Should there be a clear breakout above 1.2634-1.2601, wait for a pullback to the just broken zone and a rejection within it to confirm possible bullish movements of price before you buy GBP.
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.
