We're flat | 17 June 2020

Technical observation

GBP is rallying with an increasing bearish bias towards a supportive zone it established around 1.2497-1.2479. My expectation is a loss of this bearish rally within the zone for a rise towards the key level 1.2753. My advice, remain flat and wait for a correction to the zone 1.2497-1.2479 and a bounce within it to buy GBP with your take profit at 1.2753 and stop loss at 1.2396. Should there be a clear breach below the zone 1.2497-1.2479 with a big red candle, wait for a correction to the just broken zone and a rejection to sell GBP with your take profit at the line 1.2225 and a stop loss at 1.2557.

Trade recommendation

Remain neutral.