Remain neutral | 17 March 2022

Technical observation

This week the value of the pair on the chart above is trading with an increasing bullish bias, this upwards movement is a correction to the resistance zone 1.3348-1.3298 and I expect price to rise to the same zone followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone mentioned above then pick short positions within it with your take profit at 1.2028 and stop loss at 1.3640. Should there be a clear penetration below the supportive level 1.2028 with a big red candle, I expect price to plummet further towards 1.1415, however, in case of a break above the zone 1.3348-1.3298, you can expect a possible momentum to the upper side.

Trade recommendation

Wait for a correction to the zone 1.3348-1.3298 to sell GBP.