Remain flat

08 April 2021, GBP/USD

Remain flat

Technical observation

GBP declined up to the supportive level 1.3731 but could not break below it. Right now it is rising steadily with an increasing bullish momentum and I expect this upwards movement to continue to the resistance line 1.3793 followed by a bounce at it for a momentum to the lower side. My advice, remain neutral and wait for a correction to the level 1.3793 and a bounce at it to sell GBP with your take profit at 1.3731 and stop loss at 1.3813. Should there be a penetration above the level 1.3793 with a big green candle, wait for a correction to it and a bounce before you pick long positions towards the upper resistance level 1.3864.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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