Remain flat | 09 April 2019

Technical observation

GBP has been trading around a supportive zone it established around 1.2985-1.2970 and is currently rallying above it towards a key level 1.3224. My expectation is a pullback to the above mentioned zone followed by a clear penetration below it with a big red candle. In case you bought GBP within 1.2985-1.2970, remain long but not for long, if you had not traded this pair yet, remain flat and wait for a breach below 1.2985-1.2970 followed by a correction to it to sell GBP with your take profit at 1.2706 and stop loss at 1.3047, should there be a clear break below 1.3047, more bearish rally towards 1.2428 can be expected.

Trade recommendation

Remain flat.