GBP is facing negative pressure 28/3/2022

Negative trading returned to dominate the movements of GBP/USD after it came close to touching the official target that is required to be achieved around 1.3240, recording its highest level in the last session 1.3227, to form pressure on the 1.3170 level again.

On the technical side today, the RSI is gaining negative momentum signs on the short-term intervals, as we find the pair stable below 1.3240, the strong resistance represented by the 38.20% correction.

Therefore, with intraday trading remaining below 1.3170, the bearish tendency may be more likely today to visit 1.3110, a first target, and we should pay close attention because breaking the mentioned level extends the pair’s losses and facilitates the task to visit 1.3095, and losses may extend later towards 1.3050.

Rising again above 1.3205 can postpone the proposed scenario and lead the pair to retest 1.3240 initially.

Note: The risk level is high.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.3120	R1: 1.3205
S2: 1.3095	R2: 1.3255
S3: 1.3045	R3: 1.3285