03 Maret 2021, GBP/USD
Technical observation
On the chart above, price pulled back to a resistance zone it established at 1.4004-1.3984 but did not break above it, it bounced below the zone and is right bow it is trading with an increasing bearish momentum. I expect price to decrease to the supportive line 1.3788 followed by a possible break below it for a further surge to the lower side. If you sold GBP within the zone 1.4004-1.3984 after a bounce, remain short with your take profit at 1.3788 and stop loss at 1.4069. Should there be a break below the line 1.3788, I expect price to decline further to the supportive level 1.3462 or even lower to the key level 1.3218.
Trade recommendation
Remain short with your take profit at 1.3788.
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