Wait | 09 March 2021

Technical observation

GBP is retracing to a resistance zone 1.3865-1.3855. I expect a loss of this upwards movement within the same zone for a decrease to the lower side. My advice, wait for a correction to the zone mentioned above and a bounce within to sell GBP with your take profit at 1.3746. In case of a clear breakout above the zone 1.3865-1.3855 with a big green candle, you can anticipate a surge to the upper side towards the resistance line 1.399 after a correction to the just broken line and a bounce at it. Right now as long as price is contained below the zone 1.3865-1.3855 I can only recommend short positions for this pair.

Trade recommendation

Wait for a correction to the zone 1.3865-1.3855 to sell GBP.