We're flat | 28 July 2020

Technical observation

GBP is retracing to a supportive line it established around 1.2787, I expect a rejection at the line for possible bullish price rally towards the key level 1.2963. Right now remaining neutral with this pair is ideal than picking any position. My advice, remain neutral with GBP and wait for a retracement to the support 1.2787 and a bounce at it to buy GBP with your take profit at 1.2787 and stop loss at 1.2724. On the chart above as long as price is contained above the line 1.2787, you can only anticipate bullish price movements. We can only expect bearish movements of GBP below the line 1.2787.

Trade recommendation

Remain neutral.