07 July 2020, GBP/USD
Technical observation
On the weekly chart, above price continues to rally upwards towards a resistance zone 1.2690-1.2594. I expect a rejection of this bullish movement within the above-mentioned zone for bearish price rally towards the supportive line 1.1647 followed by a clear breakout below it with a big red candle. My advice, sell this pair within the zone 1.2690-1.2594 after a bounce with your take profit at the line 1.1647 and stop loss at 1.3087. Should there be a clear penetration above the zone 1.2690-1.2594 with a big green candle, I anticipate bullish movements of GBP towards the key line 1.3481 after a correction.
Trade recommendation
Sell GBP within 1.2690-1.2594 with your take profit at 1.1647.
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