Remain neutral | 07 Agustus 2020

07 Agustus 2020, GBP/USD

Remain neutral

Technical observation

Since it broke above the zone 1.2690-1.2613, GBP has been rising steadily towards the resistance zone 1.3481-1.3411 and I expect this week candle to close bullish. My expectation is correction to the zone 1.2690-1.2613 followed by a rejection within it for upwards movements of price towards the zone 1.3481-1.3411 and a clear breach above it with a big green candle. My advice remain neutral and wait for a retracement to the zone 1.2690-1.2613 and a rejection within it to buy GBP with your take profit at 1.3411 and stop loss at 1.2342.on the chart above only long positions can be recommended.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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