We're long towards 1.2667 | 08 Juli 2020

08 Juli 2020, GBP/USD

We're long towards 1.2667

Technical observation

On the 4-hour chart above, price pulled back to a supportive zone it established around 1.2481-1.2467 but could not break below it. GBP then bounced within the zone and is currently trading with an increasing bullish momentum. If you bought this pair within 1.2481-1.2467 after a bounce, remain in the trade with your take profit at 1.2667 and stop loss at 1.2399. In case there is clear breakout below the zone 1.2481-1.2467 with a big red candle, wait for a correction to it and a rejection within it to confirm possible bearish movements of price before you sell GBP with your take profit at 1.2271.

Trade recommendation

Remain long with your take profit at 1.2667.

Imelda Maseno
Analyst of «FreshForex» company
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