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Remain bearish with your take profit at 1.0368.

Remain bearish with your take profit at 1.0368. | 20 Marzo 2023

20 Marzo 2023, GBP/USD

Technical observation

Just like EUR, GBP also retraced to a zone 1.2401-1.2308 and it was sustained below it. Right now the value of this pair is trading with an increasing bearish bias and I expect a possible further surge to the lower side. If you are currently holding short positions with GBP, I recommend that you remain in the trade with your take profit at 1.0368 and stop-loss at 1.2926. In case of a clear penetration below the level 1.0368, I expect the value of GBP to descend after a pullback to the broken line, on the other, in case of a clear break above the zone 1.2401-1.2308, I expect the price to ascend towards the levels 1.4236 and 1.6725.

Trade recommendation

Remain bearish with your take profit at 1.0368.

Imelda Maseno
Analyst of «FreshForex» company
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