We're flat | 03 April 2020

Technical observation

GBP penetrated above the zone 1.2059-1.2027 with a big green candle and is currently rallying between the supportive zone (1.2059-1.2027) and a resistance zone (1.2770-1.2746). My expectation is a pullback to the broken supportive zone followed by a clear rejection within it. However, price could still rise to the resistance zone mentioned above followed by a clear penetration above it or a bounce it. For the pair on the chart above, remaining flat is the ideal option and wait for correction to 1.2059-1.2027 and a bounce to buy GBP with your take profit at 1.2746 and stop loss 1.1800.

Trade recommendation

Remain flat.