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Wait | 18 March 2020

18 March 2020, GBP/USD

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Technical observation

Bears have been dominating significantly on the daily chart above for several days now and as long as price is contained below the resistance zone 1.2323-1.2296 more downwards movements can be expected. As it is on the chart above, a retracement to the above-mentioned zone is expected followed by a bounce within it for bearish price rally. My advice, wait for a pullback to 1.2323-1.2296 and a rejection within it to sell GBP with your take profit at 1.1955 and stop loss at 1.2426. Should there be a breach below 1.1955, wait for a correction to it confirming further bearish momentum before you sell GBP.

Trade recommendation

Wait for a correction to 1.2323-1.2296 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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