We're flat | 10 August 2020
10 August 2020, GBP/USD
Technical observation
The general trend for the pair on the daily chart above is upward. Price broke above zone 1.2627-1.2603 then rose up to a resistance line 1.3142. I expect a correction to the supportive zone 1.2627-1.2603, followed by a bounce within it for bullish movements of price. My advice, remain flat and wait for a correction to the zone 1.2627-1.2603 and a bounce within it to buy GBP with your take profit at 1.3142 and stop loss at 1.2428. In case of a break above 1.3142, wait for a correction to the just broken line and a bounce at it to confirm further bullish movements of price before you continue long towards 1.3521.
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.
