08 March 2021, GBP/USD
Technical observation
GBP declined to the supportive level 1.3788 as I had anticipated, it bounced did not break below the line and is currently trading above it with an increasing bearish bias. However, I expect a correction to the resistance zone 1.4004-1.3984 followed by a bounce within it to re-buy GBP. In case price does not retrace to the zone mentioned above and instead penetrates below the line 1.3788 with a big red candle, I expect the value of this pair to plummet further to the lower side. My advice, remain flat and wait for a correction to the zone 1.4004-1.3984 and a bounce within it to buy GBP with your take profit at 1.3788 and stop loss at 1.4066.
Trade Recommendation
Remain neutral.
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