Remain neutral | 13 Agustus 2020

13 Agustus 2020, GBP/USD

Remain neutral

Technical observation

GBP is trading below a resistance line 1.3139 with an increasing bullish momentum, however, my expectation is a correction to the zone it established around 1.2781-1.2753 and a rejection within it to place a buy order. Right now, I would advise you remain neutral with this pair and wait for a correction to the above-mentioned zone and a rejection within it to buy GBP with your take profit at 1.3139 and stop loss at 1.2550. Should there be a clear penetration above the line 1.3139 with a big green candle, wait for a correction to the just broken level that confirms further bullish movements before you continue long.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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