We're flat | 24 August 2020

Technical observation

GBP is trading with an increasing bearish momentum below a resistance line 1.3259. This bearish rally is a correction to the supportive zone 1.2781-1.2753 and I expect a clear bounce within it for upwards movements of price. My advice, remain flat with this pair and wait for a correction to the above mentioned zone and a rejection within it to buy GBP with your take profit at 1.3259 and stop loss at 1.2550. In case price does not retrace to the zone 1.2781-1.2753 but instead penetrate above the key level 1.3259 with a big green candle, wait for a retracement to it before you buy GBP towards the level 1.3648.

Trade recommendation

Remain flat.