21 Juli 2020, GBP/USD
Technical observation
GBP rose steadily up to a resistance level 1.2667 but could not break above it. Price bounced at the resistance line and is showing signs of retracing to the supportive zone 1.2481-1.2467. My expectation is bearish price rally to the supportive zone mentioned above followed by a rejection within it for an upward momentum of price. Right now, remain flat with this pair and wait for a correction to the zone 1.2481-1.2467 and a rejection within it to buy GBP with your take profit at 1.2667 and stop loss at 1.2413. In case of a break above 12667, I expect further bullish movements of price towards 1.2813.
Trade recommendation
Remain flat.