GBPUSD 27/07/2020

Currently price is at a resistance area for now but is expected to go Long on this pair. A good Entry for this trade would be at the 1.28917 area once price breaks through the resistance area and retests at 1.28815. Then we can expect to see the buyers take control of the market up till our Take Profit 1 which is set at 1.29880. Half of positions should be Closed at this point and our Stop Loss should be moved to Break Even (Entry).

Price may experience a little resistance at our Take Profit 1 at 1.29800 and at 1.30343 due to some buyers Taking Profit and exiting the market. I don't expect to see a trend reversal at this point as any Sell Order entered at this point might result in a loss to the [Sharks/i]. I believe we should not experience too much strong resistance at these points anyway.

My Take Profit 2 is set at 1.31224. My Stop Loss is set at 1.27514 which is 132 pips. My Risk To Reward Ratio is about 1.9% giving a total of 240 pips at TP 2..

Warning!
My analysis are my personal observations and expectations of how the market will behave in the future, therefore I recommend whoever wants to take this trade to use proper risk management of not more than 2% and also run a personal analysis on the chart for further confirmations and corrections. The Market is not narrowed to go in any specific direction and traders lose money daily to the market. Be careful not to over-trade and always use the regulated and appropriate lot size for your Equity value. Good Luck!