03 Maret 2023, GBP/USD
Technical observation
GBP has been trading with an increasing bearish momentum for several days now and I still expect a continuation of this downwards movement. Today I anticipate a further rally towards the supportive zone 1.1828-1.1852 followed by either a clear break below it with a big red candle or a rejection within the same zone. In case of a rejection within the zone I have mentioned above, pick bullish positions within it towards 1.2424 and should there be a clear break below the same zone, wait for a correction to the just broken zone before you pick short positions towards the supportive levels 1.1050 and 1.0363.
Trade recommendation
Wait for a correction to the zone 1.1828-1.1852 to buy GBP.