16 июля 2020, GBP/USD
Technical observation
GBP corrected to a resistance zone 1.2634-1.2601 and could not penetrate above it; price was contained below the zone and currently trading with an increasing bearish momentum towards a supportive zone 1.2197-1.2161. Right now within the zone 1.2634-1.2601 is the ideal place to short this pair with your take profit at 1.2161 and stop loss at 1.2813. Should there be a clear breakout below the zone 1.2197-1.2161 with a big red candle, wait for a correction to the just broken zone and a bounce within it confirming further bearish movements of price before you sell GBP with your take profit at 1.1464.
Trade recommendation
Sell GBP within 1.2634-1.2601 with your take profit at 1.2161.
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