Sell GBP within 1.3203-1.3183 | 21 March 2022

Technical observation

GBP pulled back to a resistance zone it established at 1.3203-1.3183 but could not break above it and as long as it remains below the same zone, I expect nothing but bearish movements of price. My advice, pick short positions within the zone mentioned above with your take profit at 1.2688 and stop-loss at 1.3355. On your way downwards the key levels to look for include, 1.2688, 1.2099 and the lower supportive level 1.1436. In case of a clear breakout above the zone 1.3203-1.3183 with a big green candle, wait for a correction and rejection within it confirming a possible surge to the upper side before you pick long positions towards 1.3968.

Trade recommendation

Sell GBP within 1.3203-1.3183 with your take profit at 1.2688.