Remain long | 20 July 2020

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.