We are bearish towards 1.1797 | 15 Maret 2023

15 Maret 2023, GBP/USD

Technical observation

GBP retraced to a resistance zone it established at 1.2191-1.2209 then bounced within it and is currently trading with an increasing bearish bias. As long as the value of GBP is sustained below the zone I have mentioned above i expect a continuation of this downwards movement and if you picked short positions within the zone indicated above after a bounce, I recommend that you remain in the trade with your take profit at 1.1797 and stop-loss at 1.2301. If there is a clear break below the level 1.1797 with a big red candle, wait for a pullback to the broken line before you continue short towards the key levels 1.1336 and 1.0884.

Trade recommendation

Remain bearish with your take profit at 1.1790.

Imelda Maseno
Analyst of «FreshForex» company
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