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We're flat

We're flat | 13 March 2020

13 March 2020, GBP/USD

Technical observation

Yesterday price penetrated below the supportive zone 1.2770-1.2746 with a big red candle and is still stagnating below it. My expectation is a correction to the just broken zone followed by a rebound within it for bearish movements towards the level 1.2357. Remain flat and wait for a retracement to 1.2770-1.2746 and a rejection within it to sell GBP with your take profit at 1.2357 and stop loss at 1.2951. Should there be a penetration below the level 1.2357, further bearish movements towards the line 1.1955 is expected. Only short positions look ideal and can be recommended.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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