We're flat | 17 March 2021

Technical observation

GBP declined and hit the level 1.3806 I had previously indicated as the take profit if you went short at the resistance line 1.3999. This pair however, did not break below the zone 1.3806-1.3786 as I anticipated. It bounced at it then rose for some time and is currently trading with an increasing bearish momentum between the same zone and the key level 1.3999. You can still expect a break below the zone 1.3806-1.3786, if this happens, wait for a pullback to it and a bounce within the zone before you short this pair with your take profit at 1.3450. In case of a retracement to 1.3999, short a bounce at it towards 1.3806.

Trade recommendation

Remain flat.