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30.03.202013:35 Forex Analysis & Reviews: GBP/USD analysis for 03.30.2020 - Completed downside correction, buying continuation very possible with main target at 1.2700

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Corona virus news:

Planned negotiating rounds on the UK's future relationship with the EU have been abandoned as a result of the coronavirus pandemic, with Boris Johnson's government still to table a comprehensive legal text for both sides to work on.During a European commission briefing on Thursday, envoys for the EU capitals were told that holding negotiations via video-conferencing had so far proved impossible.The two sides are trying to find a way to maintain dialogue in the coming weeks and months to kickstart the talks, but a previous schedule for negotiating rounds, with weeks set aside for consultation and preparation, has been ditched.

Technical analysis:

GBP has been trading upwards. The pice tested the level of 1.2400. I found that there is the potential bullish continuation due to the breakout of the bullish flag patten and the strong upward trend condition.

Watch for buying opportunities on the dips with the upward targets at the price of 1.2490 and 1.2700.

Stochastic oscillator is showing fresh new bull cross and oversold condition, which is sign that further buying can continue.

Resistance levels and upwards targets are set at the price of 1.2490 and 1.2700.

Support level is set at the price of 1.2315.

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