Looking to buy within 1.3189-1.3174 | 28 March 2022

Technical observation

GBP broke above a zone 1.3189-1.3174 and for some time now it has been sustained above the same zone. Last week price retraced to the zone 1.3189-1.3174 for a third time and it was contained above it, I would advise that you pick long positions now within the zone with your take profit at 1.3435 and stop loss at 1.3115. In case of a clear penetration above the level 1.3435 with a big green candle, I expect a further momentum to towards the upper resistance level 1.3634. Should there be a breakout below the zone 1.3189-1.3174 with a big red candle, you can anticipate a possible surge to the level 1.3001 after a correction to the broken zone.

Trade recommendation

Pick long positions within the zone 1.3189-1.3174 with your take profit at 1.3435.