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We are short towards 1.2028

We are short towards 1.2028 | 29 March 2022

29 March 2022, GBP/USD

We are short towards 1.2028

Technical observation

On the weekly chart above, price pulled back to a resistance zone 1.3349-1.3298 but could not break above it, instead it bounced below the zone and since yesterday it has been trading with an increasing bearish bias. As long as GBP is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement to the supportive level 1.2028 followed by either a clear breakout below it with a big red candle, or a rejection at it followed by another correction to the zone 1.3349-1.3298. If you are currently short with the pair above, hold that position with your take profit at 1.2028 and stop loss at 1.3598.

Trade recommendation

Remain bearish with your take profit at 1.2028.

Imelda Maseno
Analyst of «FreshForex» company
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