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Wait for a correction to the zone 1.3435-1.3430 to sell GBP

Wait for a correction to the zone 1.3435-1.3430 to sell GBP | 03 March 2022

03 March 2022, GBP/USD

Wait for a correction to the zone 1.3435-1.3430 to sell GBP

Technical observation

On the chart above, price declined to a supportive level 1.3272 but it could not break below it, however, it bounced at the level and since then price has been trading with an increasing bullish bias. This upwards movement is a correction to the resistance zone 1.3435-1.3430 and I expect a rejection of price within it to pick short positions with my take profit at 1.3272 and stop-loss at 1.3472. In case of a clear breakout below the level 1.3272 with a big red candle, I expect GBP to plummet further after a correction to the broken line on the other hand bullish movements can only be anticipated in case of a penetration above the zone 1.3435-1.3430.

Trade recommendation

Wait for a correction to the zone 1.3435-1.3430 to sell GBP with your take profit at 1.3272.

Imelda Maseno
Analyst of «FreshForex» company
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