12 Maret 2021, GBP/USD
Technical observation
On the 4 hour chart above, GBP rose to the resistance zone 1.3999-1.3984 and bounced within it as I had predicted yesterday, right now price is trading with an increasing bearish bias and I expect this downwards movements to continue to the level 1.3788. If you picked short positions within 1.3999-1.3984 after a bounce, remain short with your take profit at 1.3788 and stop loss at 1.4070. In case price breaks below the line 1.3788 with a big red candle, wait for a pull back to it and a rejection confirming a further decrease to the lower side before you continue short with this pair towards the lower supportive level 1.3462.
Trade recommendation
Remain short with your take profit at 1.3788.