29 Juli 2020, GBP/USD
Technical observation
GBP is trading with an increasing bullish momentum above a zone it established around 1.2690-1.2613. My expectation is a correction to the just broken zone followed by rejection within it for bullish price rally. My advice, remain neutral and wait for a correction to the zone 1.2690-1.2613 and a bounce within it to buy GBP with your take profit at 1.3411 and stop loss at 1.2325. On your way upwards, the key levels to look for include; 1.3481, 1.4505, and 1.5737. In case of a clear break below 1.2690-1.2613 with a big red candle, wait for a correction to the just broken zone before you sell GBP.
Trade recommendation
Remain neutral.