We're neutral | 27 July 2020

27 July 2020, GBP/USD

We're neutral

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.

Imelda Maseno
Analyst of «FreshForex» company
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