We're flat | 29 July 2020
29 July 2020, GBP/USD
Technical observation
GBP is trading with an increasing bullish momentum above a zone it established around 1.2690-1.2613. My expectation is a correction to the just broken zone followed by rejection within it for bullish price rally. My advice, remain neutral and wait for a correction to the zone 1.2690-1.2613 and a bounce within it to buy GBP with your take profit at 1.3411 and stop loss at 1.2325. On your way upwards, the key levels to look for include; 1.3481, 1.4505, and 1.5737. In case of a clear break below 1.2690-1.2613 with a big red candle, wait for a correction to the just broken zone before you sell GBP.
Trade recommendation
Remain neutral.
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.
