15 July 2020, GBP/USD
Technical observation
On the 4-hour chart above, price pulled back to a supportive zone it established around 1.2481-1.2467 and did not penetrate below it. As long as price is contained above this zone, you can only expect bullish movements of price. GBP is currently trading with an increasing bullish momentum and I expect this movement to continue to the resistance line 1.2753 followed by a clear breakout above it with a big green candle. If you bought GBP within 1.2481-1.2467 after a rejection, remain long with your take profit at 1.2753 and stop loss at 1.2411 if you are currently flat remain so and wait a break above 1.2753.
Trade recommendation
Remain long with your take profit at 1.2753.
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