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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 10 March 2022

10 March 2022, GBP/USD

Wait for a correction to sell GBP

Technical observation

GBP declined up to the supportive level 1.3081 but it did not break below it and for some time now, it has been trading with an increasing bullish bias, this upwards movement is a retracement to the resistance level 1.3272 and I expect it to continue to the same line followed by a bounce at it to pick short positions with my take profit at 1.3081 and stop loss at 1.3337. In case of a clear breakout above the level 1.3272 with a big green candle, there is a possibility of a further surge to the upper side to the resistance zone 1.3445-1.3435, however, further bearish movements can be expected in case of a clear breakout below the level 1.3081.

Trade recommendation

Wait for a correction to the level 1.3272 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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