Remain neutral with GBP | 17 April 2020

Technical observation

GBP is rallying steadily with an increasing bearish bias towards the supportive zone indicated on the chart above around 1.2209-1.2173. My expectation is a rejection of this bearish movement within the zone for possible upwards price rally. Remain flat and wait for a correction to 1.2209-1.2173 and a rejection within it to buy GBP with your take profit at 1.2173 and stop loss at 1.1974. In case there is a rise to the level 1.2746 followed by a clear breakout above it, wait for a retracement to the just broken zone and a bounce within it to confirm further bullish price movements before you continue long with this pair.

Trade recommendation

Remain flat.