02 March 2020, GBP/USD
Technical observation
On the weekly chart above, price is trading with an increasing bearish bias towards a supportive zone 1.2785-1.2746. I expect either a loss of this bearish rally within the zone or a breakout below it with a big red candle. In case of a rejection within the zone, wait for a pullback to the resistance line 1.3334 and a bounce at it to re-sell GBP. However, should there be a clear penetration below the zone with a big red candle, wait for a retracement to it and a bounce within it before you sell GBP with your take profit at 1.1958 and stop loss at 1.3079. If you’re currently in a trade, pick your profits within 1.2785-1.2746.
Trade recommendation
Remain flat.
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