16 марта 2020, GBP/USD
Technical observation
Just like EUR, this pair also declined with a big red candle breaking below a level 1.2357. My expectation is a pullback to the just broken line followed by a rejection at it for a decline towards 1.1955. My advice, wait for a correction to the level 1.2357 and a bounce at it to sell GBP with your take profit at 1.1955 and stop loss at 1.2492. In case there’s a rise to the resistance zone 1.2770-1.2746 followed by a rejection within it, you can still pick short positions within it with your take profit at 1.2357 and stop loss at 1.2927. On the daily chart above, long positions may only be advisable above 1.2770-/1.2746.
Trade recommendation
Wait for a correction to sell GBP.
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