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03.07.202019:10 GBPUSD pulls back but bulls can be back next week

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GBPUSD had shown short-term overbought signs in the 4 hour chart and is pulling back after making a short-term top at 1.2522. Price is expected to form a higher low around 1.24 before the resumption of the up trend.

Exchange Rates 03.07.2020 analysis

Red rectangle - resistance area

Green lines - expected path

GBPUSD has made a higher low at 1.2250 relative to the May low at 1.2075. This formation could unfold into a bigger leg higher that could eventually push price above 1.28. For this bullish scenario to come true, bulls need to start forming higher highs and higher lows. The last leg up from 1.2250 to 1.2525 is now under correction. This correction needs to provide a higher low around 1.24 in order to fuel the next leg higher. Our preferred strategy is to be bullish around 1.24, with stops at 1.2250 targeting a move above 1.2525 and most probably towards 1.2655.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020
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