Wait | 12 August 2020
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.
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.
