Wait | 09 March 2020
09 March 2020, GBP/USD
Technical observation
On the daily chart above, GBP is rising steadily above a supportive zone 1.2770-1.2746 towards a resistance level 1.3208. My expectation is either a rejection at 1.3208 followed by a correction to the zone 1.2770-1.2746, or a clear breakout above it with a big green candle. If you bought this pair within the zone 1.2770-1.2746, remain long and pick your profits at 1.3208. If you are currently neutral, remain so and wait for either another retracement to the zone 1.2770-1.2746 and a rejection within it to buy GBP, or, a clear breakout above 1.3208 followed by a retracement to it and a bounce at it to buy GBP.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
