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We're flat

We're flat | 11 March 2019

11 March 2019, GBP/USD

Technical observation

GBP declined steadily towards a key supportive level 1.2970 and it is currently trading above it on an increasing bullish bias. I expect either a clear break below the line with a big red candle, or a rise towards the resistance zone 1.3201-1.3185.In case of a rise to 1.3201-1.3185, wait for a rejection of price within it to sell GBP with your take profit at 1.2970 and stop loss at 1.3254, however if price should break below 1.2970 with a big red candle, wait for a correction to the just broken line and a rejection at it to sell this pair with your take profit at 1.2704 and stop loss at 1.3033.Only short positons can be advisable on the 4 hour chart above.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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