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Pick long positions within 1.3599-1.3478

Pick long positions within 1.3599-1.3478 | 24 March 2021

24 March 2021, GBP/USD

Pick long positions within 1.3599-1.3478

Technical observation

On the weekly chart above, price is trading with an increasing bearish momentum above a supportive zone 1.3599-1.3478, this bearish movement is a retracement to the mentioned above zone and I expect a loss of it within the same zone for a surge to the upper side towards the key level 1.4615, my advice, remain neutral temporarily and pick long position within the zone 1.3599-1.3478 with your take profit at 1.4615 and stop loss at 1.3064. In case of a penetration above the line 1.4615 with a big green candle, I expect an increase in price towards the resistance level 1.5891.

Trade recommendation

Place a buy limit within 1.3599-1.3478 with your take profit at 1.4615.

Imelda Maseno
Analyst of «FreshForex» company
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