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Remain short

Remain short | 04 March 2021

04 March 2021, GBP/USD

Remain short

Technical observation

GBP is still trading with an increasing bearish bias below the zone it established at 1.4004-1.3984. I expect this bearish movement to continue to the supportive level 1.3788 followed by either a clear breakout below it with a big red candle or a bounce at it followed by another retracement to the zone mentioned above. My advice, remain short with your take profit at 1.3788 and stop loss at 1.4066. In case of a clear breakout below the line 1.3788, I expect the value of this pair to plummet further to the supportive line 1.3462. As long price is contained below 1.4004-1.3984, only short positions look ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 1.3788.

Imelda Maseno
Analyst of «FreshForex» company
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