FX.co ★ GBP/USD analysis for 04.27.2020 - Breakout of the 3-bar balance. Upside is expected towards the level of 1.2640

Corona virus news:

European countries cautiously ease lockdowns

France is due to announce plans to ease its strict lockdown measures in promised "deconfinement plan". Germany has urged states to "go carefully" with the lifting of restrictions. Primary school children in Norway have gone back to school after the government declared it had controlled the outbreak. Spain announced 331 more deaths as it begins to loosen lockdown rules. Greece is preparing to lift restrictions on movements to the islands. European stock markets have rallied.

Technical analysis:

GBP has been trading upwards. The price tested the level of 1,2455. I found that breakout of the 3-day balance to the upside, which is strong sign that buyers are in control and that upside is expected.

Trading recommendation:

Watch for buying opportunities on the dips using the hourly and 4H time-frame. The upward targets are set at the price of 1,2640 and 1,2730.