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Wait | 09 March 2020

09 March 2020, GBP/USD

Technical observation

On the daily chart above, GBP is rising steadily above a supportive zone 1.2770-1.2746 towards a resistance level 1.3208. My expectation is either a rejection at 1.3208 followed by a correction to the zone 1.2770-1.2746, or a clear breakout above it with a big green candle. If you bought this pair within the zone 1.2770-1.2746, remain long and pick your profits at 1.3208. If you are currently neutral, remain so and wait for either another retracement to the zone 1.2770-1.2746 and a rejection within it to buy GBP, or, a clear breakout above 1.3208 followed by a retracement to it and a bounce at it to buy GBP.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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