Wait for a correction | 30 Juli 2020

30 Juli 2020, GBP/USD

Wait for a correction

Technical observation

GBP has been rising steadily since it penetrated above a resistance zone 1.2627-1.2603 with a big green candle. I expect a pullback to the zone mentioned above followed by a bounce within it for possible upwards movement of price towards the resistance line 1.3097. My advice, if you are currently neutral remain so and wait for a correction to the zone 1.2627-1.2603 and a rejection within it to buy GBP with your take profit at 1.3097 and stop loss at 1.2436. On the chart above, as long as price is contained above the zone 1.2627-1.2603 you can only anticipate bullish movements of this pair.

Trade recommendation

Wait for a correction to 1.2627-1.2603 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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