we are short towards 1.3788 | 12 March 2021
12 March 2021, GBP/USD
Technical observation
On the 4 hour chart above, GBP rose to the resistance zone 1.3999-1.3984 and bounced within it as I had predicted yesterday, right now price is trading with an increasing bearish bias and I expect this downwards movements to continue to the level 1.3788. If you picked short positions within 1.3999-1.3984 after a bounce, remain short with your take profit at 1.3788 and stop loss at 1.4070. In case price breaks below the line 1.3788 with a big red candle, wait for a pull back to it and a rejection confirming a further decrease to the lower side before you continue short with this pair towards the lower supportive level 1.3462.
Trade recommendation
Remain short with your take profit at 1.3788.
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.
