FX.co - GBP/USD analysis for July 16, 2020 - Potential for bigger drop towards the 1.2450

2020-07-16T11:30:59

Relevance until2020-07-17

Technical analysis:

GBP/USD analysis for July 16, 2020 - Potential for bigger drop towards the 1.2450

GBP has been trading downwards. I expect further downside movement due to potential C leg in creation. Potential test of 1,2480 and 1,2450 in play.

Trading recommendation:

Watch for potential selling opportunities with targets at 1,2480 and 1,2450

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

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

Analytical expert

Petar Jacimovic

FX.co ★ GBP/USD analysis for July 16, 2020 - Potential for bigger drop towards the 1.2450