Remain long | 09 July 2020

Technical observation

GBP has been rising steadily since its rejection within a supportive zone 1.24811-1.2467. I expect this bullish movement to continue to the key level 1.2711 followed by a clear breakout above it with a big green candle or a rejection at it followed by a correction to the supportive zone 1.24811-1.2467. My advice, if you bought this pair within the zone 1.24811-1.2467 after a bounce remain long with your take profit 1.2711. If this take profit is triggered and there is a clear breakout above it, continue long with GBP after a correction to the just broken line and a bounce. We can only expect short positions below 1.24811-1.2467.

Trade recommendation

Remain long with your take profit at 1.2711.