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Wait for a retracement to re-sell GBP

Wait for a retracement to re-sell GBP | 07 April 2022

07 April 2022, GBP/USD

Wait for a retracement to re-sell GBP

Technical observation

On the chart above price pulled back to a zone it established at 1.3166-1.3173 then bounced at it before declining to the supportive level 1.3057. I expect either a rejection of price at the line 1.3057 or a clear breakout below it followed by a further surge to the lower side. In case of a rejection at the line 1.3057, wait for another correction to the zone mentioned above to re-sell GBP with your take profit at 1.3057 and stop-loss at 1.3208. In case of a clear break above the zone 1.3166-1.3173 with a big green candle, pick long positions after a second retracement to the same zone with your take profit at the resistance level 1.3288.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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