30 March 2020, GBP/USD
Technical observation
After penetrating above a resistance zone 1.2059-1.2023, GBP continues to rise towards a higher resistance zone 1.2770-1.2746 and I expect either a clear penetration above the zone with a big green candle or a rejection of price at it. In case of a rejection of price within the zone, pick short positions within it with your take profit at 1.2059 and stop loss at 1.2971. However, in case there’s a clear breakout above the zone 1.2059-1.2023 with a big green candle, wait for a correction and a rejection within it to confirm possible bullish movements of price before you pick long positions.
Trade recommendation
Remain flat.
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