We're long within 1.2213-1.2173 | 07 April 2020

Technical observation

After penetrating above a resistance zone 1.2213-1.2173, GBP rallied upwards for some time before retracing to the just broken zone. This downwards movement was however rejected at the zone and a possible rise towards the upper resistance level 1.2770-1.2746 can be expected. You can buy this pair now within the zone 1.2213-1.2173 with your take profit at 1.2746 and stop loss at 1.1958. Should there be a clear breakout above the zone 1.2770-1.2746 with a big green candle, further bullish movements will be anticipated towards 1.3312 after a correction to the broken zone and a bounce within it.

Trade recommendation

Buy GBP within 1.2213-1.2173 with your take profit at 1.2746.