22 March 2022, GBP/USD
Technical observation
GBP pulled back to a resistance zone it established at 1.3189-1.3179 but could not break above it however, it bounced below the zone and price is currently trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 1.3001 followed by either a rejection of price at it or a clear breakout below it with a big red candle. If you picked short positions within the zone I have mentioned above, I would recommend that you remain in the trade with your take profit at 1.3001 and stop loss at 1.3269. On the chart above, I can only suggest bullish positions above the zone 1.318-1.3179.
Trade recommendation
Remain bearish with your take profit at 1.3001.
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