Sell GBP within 1.2690-1.2594 | 10 July 2020

Technical observation

GBP is trading with an increasing bullish bias below a resistance zone it established around 1.2690-1.2594. My expectation is a loss of this upwards movement within the above-mentioned zone for possible bearish rally towards a supportive level marked around 1.1647. My advice, wait for a rejection within the zone 1.2690-1.2594 to sell GBP with your take profit at 1.1647 and stop loss at 1.3090. On the weekly chart above, as long as price is contained below the resistance zone 1.2690-1.2594 we can only expect bearish price movements. You can only expect bullish movements above the zone 1.2690-1.2594.

Trade recommendation

Sell GBP within the zone 1.2690-1.2594 with your take profit at 1.1647.