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Expecting a momentum to 1.4239 .

Expecting a momentum to 1.4239 . | 04 March 2022

04 March 2022, GBP/USD

Expecting a momentum to 1.4239 .

Technical observation

Since the beginning of the week, GBP has been trading with an increasing bullish bias within the supportive zone 1.3349-1.3298 as I had predicted. I expect a continuation of this upwards movement to the resistance level 1.4239 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the zone I have mentioned above. If you picked long positions within the zone 1.3349-1.3298 at the beginning of the week I would advise that you remain in the trade with your take profit at 1.4239 and stop-loss at 1.2916. If price breaks below the same zone red candle, I expect it to plummet towards the supportive level 1.2028.

Trade recommendation

Remain long with your take profit at 1.4239.

Imelda Maseno
Analyst of «FreshForex» company
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