we're bearish towards 1.3450 | 01 April 2021

Technical observation

GBP retraced to a resistance zone it established at 1.3806-1.3786 but did not break above it, price was contained below the zone and is currently trading with an increasing bearish bias. I expect this bearish rally to continue to the supportive level 1.3450 followed by a breakout below it. If you went short with this pair within the zone 1.3806-1.3786 after a bounce, remain short with your take profit at 1.3450 and stop loss at 1.3852. Should there be a penetration below the line 1.3450, you can continue short with this pair after a retracement to the just level. On the chart above, I can only recommend long positions above 1.3806-1.3786.

Trade recommendation

Remain short with your take profit at 1.3450.