still flat | 11 March 2020

Technical observation

On the daily chart above, price did not rise above the resistance level 1.3208 but instead went down with a big red candle. I still expect more bearish rally towards the zone 1.2770-1.2746 followed by a rejection within it. My advice, wait for a retracement to the zone 1.2770-1.2746 and a bounce to re-buy GBP with your take profit at 1.3208 and stop loss at 1.2598. In case there is no rejection of price within 1.2770-1.2746 but a clear breakout below it with a big red candle, wait for a pullback to the just broken zone and a bounce within it to confirm possible bearish movement of price before you pick short positions.

Trade recommendation

We are flat.