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Wait | 06 April 2020

06 April 2020, GBP/USD

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Technical observation

GBP is trading above a supportive zone 1.2059-1.2027, my expectation is a decline to the zone followed by a bounce within it for bullish price movements. Wait for a pullback to the above-mentioned zone and a rejection within it to buy GBP with your take profit at 1.2746 and stop loss at 1.1804. Should there be a clear breakout above the zone 1.2770-1.2746, wait for a pullback to the just broken zone and a rejection within it to continue long with your take profit at 1.3312 and stop loss at 1.2513. Right now as it is on the daily chart above, only long positions look ideal and can be recommended.

Trade recommendation

Wait for a correction to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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