we are short towards 1.3788 | 12 Maret 2021

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.

Imelda Maseno
Analyst of «FreshForex» company
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