24 Juli 2020, GBP/USD
Technical observation
Just like EUR, GBP is also showing signs of penetrating above a resistance zone it established around 1.2690-1.2613 with a big green candle. This week’s candle is trading with an increasing bullish bias just above the zone 1.2690-1.2613 and I expect a clear break above the zone with a big green candle. In case of a clear breach above the 1.2690-1.2613, wait for a correction to the just broken zone and a rejection within it confirming a possible surge to the upper side to pick long positions with your take profit at 1.3411 and stop loss at 1.2247. On the chart above, we can only expect bearish rally below 1.2690-1.2613.
Trade recommendation
Wait for a breakout above 1.269-1.2613.