We're flat | 21 July 2020
21 July 2020, GBP/USD
Technical observation
GBP rose steadily up to a resistance level 1.2667 but could not break above it. Price bounced at the resistance line and is showing signs of retracing to the supportive zone 1.2481-1.2467. My expectation is bearish price rally to the supportive zone mentioned above followed by a rejection within it for an upward momentum of price. Right now, remain flat with this pair and wait for a correction to the zone 1.2481-1.2467 and a rejection within it to buy GBP with your take profit at 1.2667 and stop loss at 1.2413. In case of a break above 12667, I expect further bullish movements of price towards 1.2813.
Trade recommendation
Remain flat.
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.
