We're flat | 16 April 2020

Technical observation

Yesterday GBP went down with a big red candle and more bearish movements can still be expected today. This anticipated bearish rally is a correction to the supportive zone 1.2209-1.2173 for possible bullish price movements. Remain flat and wait for a correction to the zone 1.2209-1.2173 and a bounce within it to buy GBP with your take profit at 1.2746 and your stop loss at 1.1889. You can continue with this bullish position above the zone 1.2785-1.2746 in case of a clear breakout above it. As long as price is contained above the zone 1.2209-1.2173, only bullish positions look ideal and may be recommended.

Trade recommendation

Remain flat