GBPUSD 30min Analysis March 16th, 2021

290
The Pound has been pushing to the downside all week but has hit key support. We will first be looking to continue the downward trend but waiting patiently if price is to break structure.

Trade Scenario 1: Bearish - For us to go short we want to see price reject off our edge of value at 1.3860. We will then look to enter short on strong bearish setups, first targeting previous lows around 1.3810

Trade Scenario 2: Bullish - For us to go long we need to see price break above 1.3860. We will then wait for a retrace and for 1.3860 to flip as support. Enter long on strong bullish setups, first targeting 1.3900

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