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We're flat

We're flat | 20 April 2020

20 April 2020, GBP/USD

Technical observation

GBP is rallying above a supportive level 1.2160 with an increasing bearish momentum and i expect this movement to continue to it followed by a bounce for bullish price movements. Remain flat and wait for a correction to the line 1.2160 and a rejection at it to buy GBP with your take profit at 1.3273 and stop loss at 1.1673. In case this take profit is hit and there is a clear breakout above it with a big green candle, further bullish movements of GBP towards the resistance level 1.4620 can be anticipated after a retracement to the just broken line. Only bullish positions look ideal on the weekly chart above.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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