30 March 2021, GBP/USD
Technical observation
GBP rose above a zone 1.3806-1.3786 but was not contained above it, then penetrated below the same zone and is currently rallying below it with an increasing bullish bias. I expect a loss of this bullish movement within the same zone for a momentum to the lower side. My advice, wait for a rejection of price within 1.3806-1.3786 to sell GBP with your take profit at 1.3450 and stop loss at 1.3876. Should there be a breakout below the level 1.3450 with a big green candle, I expect the value of this pair to plummet further towards the key level 1.3175. On the 4 hour chart above, I can only recommend long positions above 1.3806-1.3786.
Trade recommendation
Wait for a correction to 1.3806-1.3786 to sell GBP.
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