We are flat | 24 March 2022

Technical observation

GBP did not decline as I had anticipated; however, price rose above the zone 1.3189-1.3174 and hit our stop loss before retracing to the just broken zone. As long as the value of the pair above is sustained above the zone 1.3189-1.3174 I can only recommend bullish position, however, I would advise that you wait for a second correction to the just broken zone before you pick long positions with your take profit at 1.3435 and stop-loss at 1.3115. In case of a clear break above the level 1.3435 with a big green candle, I expect further momentum towards the resistance level 1.3634. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.