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We're short towards 1.3788

We're short towards 1.3788 | 03 March 2021

03 March 2021, GBP/USD

We're short towards 1.3788

Technical observation

On the chart above, price pulled back to a resistance zone it established at 1.4004-1.3984 but did not break above it, it bounced below the zone and is right bow it is trading with an increasing bearish momentum. I expect price to decrease to the supportive line 1.3788 followed by a possible break below it for a further surge to the lower side. If you sold GBP within the zone 1.4004-1.3984 after a bounce, remain short with your take profit at 1.3788 and stop loss at 1.4069. Should there be a break below the line 1.3788, I expect price to decline further to the supportive level 1.3462 or even lower to the key level 1.3218.

Trade recommendation

Remain short with your take profit at 1.3788.

Imelda Maseno
Analyst of «FreshForex» company
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