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Looking to sell within 1.3999-1.3984

Looking to sell within 1.3999-1.3984 | 11 March 2021

11 March 2021, GBP/USD

Technical observation

GBP is trading with an increasing bearish bias below a resistance zone 1.3999-1.3984, however, I expect a rise to the zone mentioned above followed by a bounce within it to sell GBP. My advice, wait for a correction to the zone 1.3999-1.3984 and sell a bounce within with your take profit at 1.3748. In case of a clear breakout below the line 1.3748 with a big red candle, you can expect a further ally to the lower side towards the key level 1.3462 or even lower to the line 1/3275. As long as GBP is contained below the zone 1.3999-1.3984, I can only recommend short positions. You can only expect an increase in price above 1.3999-1.3984.

Trade recommendation

Wait for a retracement to 1.3999-1.3984 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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