Remain neutral | 03 May 2019

Technical observation

GBP is trading below a zone 1.3417-1.3301 on an increasing bullish bias and I expect a close below it followed by more bullish movements next week towards the zone. Right now remain neutral and wait for a correction to 1.3417-1.3301 and a rejection within it to sell GBP with your take profit at 1.2143 and stop loss at 1.4001, if this take profit is hit and there’s a clear beak below it, more surge to the lower side can be anticipated, however, should there be a clear penetration above 1.3417-1.3301 followed by a correction and a rejection within it, bullish momentum of GBP towards the key level 1.4615 can be expected.

Trade recommendation

Remain neutral.