Remain flat | 21 April 2020

Technical observation

GBP is still retracing to the supportive 1.2209-1.2173 and I expect a rejection of this bearish price movement within it. If you are currently flat with this pair, remain so and wait for a bounce within the above-mentioned zone to buy GBP with your take profit at 1.2746 and stop loss at 1.1934. Should there be a clear penetration below the zone 1.2209-1.2173 with a big red candle, a decrease towards the key level 1.1468 can be anticipated, however, should there be a clear penetration above the zone 1.2770-1.2746 with a big green candle, continue long with this pair towards the upper resistance level 1.3312.

Trade recommendation

Remain flat.