Remain neutral with GBP | 17 April 2020

17 April 2020, GBP/USD

Remain neutral with GBP

Technical observation

GBP is rallying steadily with an increasing bearish bias towards the supportive zone indicated on the chart above around 1.2209-1.2173. My expectation is a rejection of this bearish movement within the zone for possible upwards price rally. Remain flat and wait for a correction to 1.2209-1.2173 and a rejection within it to buy GBP with your take profit at 1.2173 and stop loss at 1.1974. In case there is a rise to the level 1.2746 followed by a clear breakout above it, wait for a retracement to the just broken zone and a bounce within it to confirm further bullish price movements before you continue long with this pair.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus