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We're flat

We're flat | 10 April 2019

10 April 2019, GBP/USD

Technical observation

GBP is trading on an increasing bullish bias between a supportive zone 1.2985-1.2970 and a resistance line 1.3224.I expect either a decline to the support followed by a penetration below it or a rise to 1.3224 followed by a clear breach above it. In case of a decline to 1.2985-1.2970 and a break below it, wait for a correction to the just broken zone and a bounce within it to confirm bearish price rally before you sell GBP with your take profit at 1.2706 and stop loss at 1.3036, however, should there be a clear break above 1.3224, wait for a correction to it confirming further bullish movements of price before you buy GBP.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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