Remain flat | 01 April 2020

01 April 2020, GBP/USD

Technical observation

On the daily chart above price is consolidating around a key level 1.2408 between the supportive zone 1.2059-1.2027 and a resistance zone it established around 1.2770-1.2746. I expect either a correction to the supportive zone followed by a bounce within it, or, a clear penetration above the zone 1.2770-1.2746 with a big green candle and a pullback to it. Remain neutral with this pair and wait for either of the circumstances mentioned above to trade GBP. As long as price is contained above the supportive zone 1.2059-1.2027, only long positions look ideal and may be recommended for GBP.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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