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we are bearish towards 1.3777

we are bearish towards 1.3777 | 23 March 2021

23 March 2021, GBP/USD

Technical observation

GBP declined and broke below a zone 1.3864-1.3869, since then price has retraced to the zone twice and for the two times it has been contained below the zone. Recently price again retraced to the same zone but did not penetrate above it, it bounced within the zone and is currently trading with an increasing bearish momentum. I expect this downwards movement to continue to the supportive level 1.3777 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by a another correction to the zone 1.3864-1.3869. As long as GBP is contained below the zone 1.3864-1.3869, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 1.3777.

Imelda Maseno
Analyst of «FreshForex» company
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