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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 16 Marzo 2022

16 Marzo 2022, GBP/USD

Wait for a correction to sell GBP

Technical observation

GBP retraced to the resistance zone it established at 1.3201-1.3181 but could not break above it instead, the price bounced below the zone then declined for some time. Right now it is trading with an increasing bullish bias and I expect a continuation of this upwards movement to the zone 1.3201-1.3181 followed by a rejection within it to sell this pair with my take profit at 1.2688 and stop-loss at 1.3355. As long as GBP is sustained below the resistance zone 1.3201-1.3181, you can only anticipate bearish movements of price, the levels to look for on your way downwards include; 1.2688, 1.2099, and the lower supportive level 1.1436.

Trade recommendation

Wait for a correction to the zone 1.3201-1.3181 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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