07 Marzo 2022, GBP/USD
Technical observation
GBP declined steadily and broke below the supportive level 1.3272 with a big red candle; the last candle rose with a big green candle but could not reach the just broken. Today I expect a continuation of this upwards movement to the level 1.3272 followed a rejection at it to pick short positions with my take profit at 1.3157 and stop-loss at 1.3331. If price penetrates below the supportive level 1.3157 with a big red candle, I expect it to plummet further, on the other hand, in case it is not sustained below the level 1.3272 but clearly break above it with a big green candle; I expect a momentum towards the resistance zone 1.3445-1.3435.
Trade recommendation
Remain flat.
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