GBPUSD#3--->Time to sell:

£ / $

#Technical_analysis and #Orders

Good day, dear # investors and colleagues #traders!

Your attention a technical analysis of the currency pair #Gbpusd:

#Comment_to_past_week:

The foggy Albion currency corrected to lower expectations of a weakening monetary policy by #Bank of England. In one of the interviews, the new chairman of the Central Bank of England # Andrew # Bailey said that it was necessary to wait until there was more clarity regarding the economic blow from the outbreak of the virus.

However, at the moment, market participants are all assuming that the incoming statistics will convince the Central Bank to act at the next meeting, which will be held on March 26.

At the end of the week, the pound grew by 223 points (+ 1.75%).

#Technical analysis:

Globally (D1):

Globally, the currency pair has returned to the downward channel.
The upper border of which is at around 1.3120-1.3140.

Locally (H1-H4):

The asset moved into a vertical trend, which is usually followed by consolidation. The pair is approaching the level of 1.3060-1.3080 which will be able to adjust the price down.

By tradition, we call the weekly support and resistance zones:

A) Support: 1.2944 & 1.2837
B) Resistance: 1.3151, 1.3258 & 1.3466

#Orders_and_position:

- Leading indicators: demonstrate entry into the potential sales area.

- Price behavior indicators: show the way out of the normal movement, which proves that the current trend is redundant.

- Trend indicators: show a trend up.

- Fundamental analysis:

In the direction of the pound, the main role will be played not by macro data, but by negotiations between Britain and the EU and the meeting of the Bank of England on March 26. Given the recent comments from politicians, it is extremely difficult to say that they are close to a compromise.
Even more this fact is confirmed by the fact that the first round which ended on Thursday led to 0 result. The parties did not move a dead point even an inch.

#Deal: Potential sales.

Given all of the above, our fund will seek to open short positions in the currency pair near resistance levels, before which there will be stabilization of indicators and normalization of price behavior.
We will open positions with a short stop and a long take profit.
Potential sales areas for us:
1) 1.3050
2) 1.3120
But in case the price starts to return earlier than these levels, it will be interesting for us to open positions below.

Regards to subscribers,
Ltd ”Wermelgion and Partners Investment”