12 August 2020, GBP/USD
Technical observation
On the daily chart above, price is trading with an increasing bearish momentum below a resistance line 1.3150. This downwards movement is a retracement to the supportive zone 1.2631-1.2599. I expect this bearish rally to continue to the supportive zone mentioned above followed by a rejection within it to pick long position. My advice, wait for a correction to the zone 1.2631-1.2599 and a rejection within it to buy GBP with your take profit at 1.3150 and stop loss at 1.2432. Further bullish movements of this pair can be expected in case of a break above 1.3150 with a big green candle and a correction to it.
Trade recommendation
Wait for a correction to the zone 1.2631-1.2599 to buy GBP.
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