20 July 2020, GBP/USD
Technical observation
GBP is trading with an increasing bullish momentum above a supportive zone 1.2481-1.2467. I expect this bullish price movement to continue to the key level 1.2567 followed by a clear breach above it. If you bought this pair within the zone 1.2481-1.2467 after a bounce remain in the trade with your take profit at 1.2567 and stop loss at 1.2411. Should there be a clear breakout below the zone 1.2481-1.2467 with a big red candle, wait for a retracement to the just broken zone and a rejection to confirm bearish price rally before you sell GBP with your take profit at the supportive level 1.2215.
Trade recommendation
Remain long with your take profit at 1.2567.
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