Still long towards 1.3208. | 04 March 2020

Technical observation

Yesterday GBP rose as I had predicted and as long as it is contained above the supportive zone 1.2770-1.2746, only bullish price movements can be expected. If you went long within the zone mentioned above after a bounce, remain long with your take profit at 1.3208 and stop loss at 1.2598. If you are not in a trade yet, you can still pick long positions with this pair now but if you are abit sceptic to do so, wait for another correction to 1.2770-1.2746 and a rejection within it to buy. Should there be a clear penetration below 1.2770-1.2746 with a big red candle a possible decline towards 1.2357 can be expected.

Trade recommendation

Remain long with your take profit at 1.3208.