Wait for a correction to buy GBP | 13 April 2020

Technical observation

GBP is rallying above a supportive zone it established around 1.2209-1.2173 with an increasing bearish momentum. I expect a loss of this bearish movement within the zone mentioned above for possible bullish movement of price. If you are currently flat, remain so and wait for a correction to the zone 1.2209-1.2173 and a rejection within it to buy GBP with your take profit at 1.2746 and stop loss at 1.1974. Should there be a clear breach above the zone 1.2770-1.2746, wait for a pull back to it and a rejection before you continue long with this commodity towards the key resistance level 1.3312.

Trade recommendation

Wait for a correction to buy GBP.