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.
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