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Expecting a rally to 1.3001

Expecting a rally to 1.3001 | 31 March 2022

31 March 2022, GBP/USD

Expecting a rally to 1.3001

Technical observation

GBP retraced to the resistance zone 1.3190-1.3176 has I had predicted yesterday and it was sustained below the same zone. If you sold this pair within the zone mentioned above after a bounce, remain in the trade with your take profit at 1.3001 and stop loss at 1.3268. In case of a bounce at the level 1.3001, I expect another retracement to the zone 1.3190-1.3176 to re-sell GBP however, should there be a clear break below the same line with a big red candle, wait for a pullback to it and a bounce before you continue short with this pair. I can only recommend bullish positions in case of a clear break above the zone 1.3190-1.3176.

Trade recommendation

Remain short with your take profit at 1.3001.

Imelda Maseno
Analyst of «FreshForex» company
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