Buy GBP within 1.2770-1.2746 | 03 March 2020

Technical observation

GBP has been trading with an increasing bearish momentum towards a supportive zone it established around 1.2770-1.2746. A loss of this downward movement within the zone is expected followed by bullish rally towards the resistance level 1.3208. In case there is no rejection of price within 1.2770-1.2746 but a clear penetration below it with a big red candle, a surge to the lower side can be expected after a retracement to the just broken zone followed by a bounce within. Right now, you can buy GBP within the zone 1.2770-1.2746 after a bounce with your take profit at 1.3208 and stop loss at 1.2598.

Trade recommendation

Buy GBP within 1.2770-1.2746 with your take profit at 1.3208 and stop loss at 1.2598.