Remain neutral temporarily. | 02 April 2019

Technical observation

On the hourly chart above, GBP is trading above a supportive level 1.3029 on an increasing bullish bias, I expect either a decline to the line followed by a breach below it or a decline to it followed by a bounce for another retracement to the zone 1.3173-1.3164.Should this pair be rejected at 1.3029, wait for a correction to 1.3173-1.3164 and a bounce within it to re-sell GBP with your take profit at 1.3029 and stop loss at 1.3199, however, should there be a clear breach below 1.3029 with a big red candle, wait for a correction to the just broken line and a rejection before you sell GBP with your take profit at 1.2876 and stop loss at 1.3060.

Trade recommendation

Remain neutral temporarily.