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We're neutral

We're neutral | 05 March 2021

05 March 2021, GBP/USD

Technical observation

On the hourly chart above, price is trading with an increasing bearish bias above a supportive line 1.3865. I expect either a loss of this bearish rally at the line for another retracement to the resistance zone 1.3998-1.3988, or, a clear penetration below it with a big red candle. If you are currently short with this pair, remain in the trade and pick your profits at 1.3865. However, if you are currently neutral with GBP, remain flat and wait for either a bounce at 1.3865 and a retracement to 1.3998-1.3988 to sell GBP or, a clear breakout below 1.3865 followed by a correction to it to pick short positions towards the line 1.3746.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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