Remain flat | 14 August 2020

Technical observation

GBP is trading between a supportive zone 1.2781-1.2753 and a resistance key level 1.3290. The general trend on the chart above is upwards hence you can only anticipate bullish movements of price. My expectation is either a correction to the zone 1.2781-1.2753 followed by a rejection within it to pick long positions towards 1.3290, or a rise to the line 1.3290 followed by a clear breakout above it with a big green candle and a correction to it to buy GBP. Right now, I would advise on remaining neutral with this pair. Bearish rally can only be anticipated below 1.2781-1.2753 in case of a clear penetration.

Trade recommendation

Remain flat.