We're flat | 31 March 2021

Technical observation

GBP has been declining steadily towards a supportive zone 1.3599-1.3478, this bearish rally is a correction to the zone mentioned above and I expect a loss of price within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 1.3599-1.3478 to buy GBP with your take profit at 1.4615 and stop loss at 1.3182. In case of breakout above the level 1.4615, I expect further bullish movement for price towards the upper resistance line 1.5891. However, in case of a break below the zone 1.3599-1.3478, you can expect price to surge to the lower side after a correction to the just broken zone.

Trade recommendation

Remain neutral.