Flat | 11 August 2020

Technical observation

GBP is trading with an increasing bullish momentum below a resistance zone 1.3130-1.3097; I expect a correction to the supportive zone 1.2627-1.2603 followed by a bounce within it to pick long position, however, this pair could fail to pull back to the supportive zone mentioned above and break above the resistance zone 1.3130-1.3097 with a big green candle. Right now, remain flat and wait for a correction to 1.2627-1.2603 and a bounce to buy GBP with your take profit at 1.3097 and stop loss at 1.2453. In case of a breach above 1.3130-1.3097 with a big green candle, wait for a correction before you buy GBP.

Trade recommendation

Remain flat.