FX.co ★ GBP/USD Trading Recommendations for 21st July 2016

GBP/USD remains in a short-term ascending channel with the price holding well above our 55 SMA at 1.3200, which is also a fibonacci golden ratio (62%), horizontal support + channel support. All of this adds up really well to giving us a bullish view for a bounce above 1.3200.

Stochastics remains in an oversold region, where we soon expect a bounce from with price to follow correspondingly.

Trading Recommendations:

Buy now and above 1.3200

Take profit at 1.3300 with 1.3275 as the first risk level

Stop loss at 1.3170