Wait for a correction | 16 March 2021

Technical observation

GBP is pulling back to a supportive zone it established at 1.3599-1.3478; I expect rejection of this bearish movement within the same zone bullish movement of price. My advice, remain flat temporarily and wait for a correction to the zone 1.3599-1.3478 and a bounce within it to buy GBP with your take profit at 1.4615 and stop loss at 1.3134. In case of a penetration above the line 1.4615 with a big green candle, you can anticipate further bullish movements of price towards the resistance level 1.5891. As it is on the chart above. You can only expect bearish movements of this pair in case of a break below the zone 1.3599-1.3478.

Trade recommendation

Remain flat.