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Sell GBP within 1.2401-1.2308

Sell GBP within 1.2401-1.2308 | 31 March 2023

31 March 2023, GBP/USD

Sell GBP within 1.2401-1.2308

Technical observation

On the weekly chart above, GBP bounced within the resistance zone 1.2401-1.2308 and next week I expect possible bearish movements, my advice, pick short positions now within the zone I have mentioned above with your take profit at the level 1.0368 and stop-loss at 1.2847. In case of a clear penetration below the supportive level 1.0368, I expect the price to plummet further after a correction to the broken line, but should there be a clear break above the zone 1.2401-1.2308 with a big green candle, I anticipate the price to ascend towards the resistance levels 1.4236, 1.6725 or higher.

Trade recommendation

Sell GBP within 1.2401-1.2308 with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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