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We are flat

We are flat | 28 February 2022

28 February 2022, GBP/USD

We are flat

Technical observation

On the 4 hour chart above, the price rallied to the upper side on Friday and today I expect a continuation of this upwards movement towards the resistance zone 1.3522-1.3510, followed by a rejection within it to pick short positions with my take profit at 1.3356 and stop-loss at 1.3578. If the price breaks below level 1.3356 with a big red candle, I expect it to plummet further towards the supportive level 1.3183. On the other hand in case of a break above the zone 1.3522-1.3510 with a big green candle, I expect a surge to the upper side after a pullback to the broken zone. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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