Remain flat | 24 March 2020

Technical observation

On the daily chart above price is rallying between a supportive level 1.1468 and a resistance level 1.2047.Yesterday price declined but did not penetrate below the support 1.1468. My expectation today is either a clear penetration below the line 1.1468 or a correction to the level 1.2047. In case there’s a clear penetration below the line 1.1468 with a big green candle, wait for a correction to it before you sell GBP .Should there be a pullback to the line 1.2047 wait for a clear bounce at it to sell this pair with your take profit at 1.1468 and stop loss at 1.2201. Long positions may only be recommended above 1.2047.

Trade recommendation

Remain flat.