Wait for a correction to sell GBP | 30 March 2022

Technical observation

GBP broke above a zone it established at 1.3190-1.3176 but it was not sustained above it for long, instead, price broke below the same zone then pulled back to it twice. Today price opened between the zone 1.3190-1.3176 and a supportive level 1.3001 and my expectation is a correction to the zone I have mentioned above followed by a rejection within it to short this pair with my take profit at 1.3001 and stop loss at 1.3258. If price breaks below the level 1.3001 with a big red candle, I expect a further surge to the lower side after a pullback to the broken line. Steady bullish movements of price can only be expected in case of a clear break above the zone 1.3190-1.3176.

Trade recommendation

Wait for a correction to the zone 1.3190-1.3176 to sell GBP.