Sell GBP within 1.2634-1.2601 | 16 July 2020
16 July 2020, GBP/USD
Technical observation
GBP corrected to a resistance zone 1.2634-1.2601 and could not penetrate above it; price was contained below the zone and currently trading with an increasing bearish momentum towards a supportive zone 1.2197-1.2161. Right now within the zone 1.2634-1.2601 is the ideal place to short this pair with your take profit at 1.2161 and stop loss at 1.2813. Should there be a clear breakout below the zone 1.2197-1.2161 with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming further bearish movements of price before you sell GBP with your take profit at 1.1464.
Trade recommendation
Sell GBP within 1.2634-1.2601 with your take profit at 1.2161.
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.
