Remain short | 15 March 2021

Technical observation

GBP is declining steadily towards the supportive line 1.3788; I expect either a clear breakout below the line with a big red candle, or a bounce at it followed by a correction to the zone 1.3999-1.3984. If you’re currently short with this pair, remain so with your take profit at 1.3788 and stop loss at 1.4053. Should there be a clear breakout below the line 1.3788 with a big red candle, wait for a correction to the just broken line and a bounce at it confirming further bearish movements of price before you continue short with this pair towards the supportive level 1.3450. As it is on the chart above, I can only recommend short positions.

Trade recommendation

Remain short with your take profit at 1.3788.