03 Agustus 2020, GBP/USD
Technical observation
Just like EUR, GBP is trading with an increasing bullish bias above a supportive zone 1.2600-1.2613 it recently broke above with a big green candle. Last week GBP rose further with a big green candle and this week however, expect bearish movements of price towards the zone 1.2600-1.2613. This anticipated bearish price rally is a correction to the zone 1.2600-1.2613 for bullish movements of price. My advice, remain neutral and wait for a correction to the zone 1.2600-1.2613 and a bounce within it to buy GBP with your take profit at 1.4505 and stop loss at 1.2325. Right now, remain flat.
Trade recommendation
Remain flat.