Just an interesting trading possibility has occurred at the pair of GBP/USD. First of all, its’ better to refresh the memory of the forecast for the beginning of March. The price almost lays aboard the edge of the channel; it’s also possible to speak about the accomplishment of the inner retracement structure. The intra-daily level of resistance is at 1.5440. The RSI oscillator is “over-the-top”, and that in its turn proves the possibility of the rapid reversal. The estimated target of the whole structure is 1.4100.
Trading recommendations: to sell within the sector of 1.5440 with short stops and the potential target at 1.4100.
Alternative scenario: the fixation above the top edge of the channel will shape the ascendant price action, the targets aren’t determined in the instant case; they will be calculated as the case may be.
Analysis prepared by:
Maxim Dmitrievsky
Forex4you analyst