We're neutral | 27 July 2020
27 July 2020, GBP/USD
Technical observation
GBP broke above a resistance zone 1.2690-1.2613 with a big green candle and is currently trading above the zone with an increasing bearish momentum. My expectation is a continuation of this bearish rally to the zone 1.2690-1.2313 followed by a clear bounce within it for an upward momentum towards the resistance line 1.34 81. My advice, remain neutral temporarily and wait for a correction to the zone 1.2690-1.2613 and a rejection within it to buy GBP with your take profit at 1.3481 and stop loss at 1.2325. On your way upwards the key levels to look for are.; 1.3481, 1.4505 and 1.5737.
Trade recommendation
Remain neutral temporarily.
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.
