Technical analysis GBPUSD for 07.03.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.31000. The closest resistance is the level 1.32100

Key levels

• 1.36800, 1.36075, 1.35100, 1.34325, 1.33600, 1.32900, 1.32100, 1.31000, 1.29625

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.31000 and Stop Loss of 1.32000

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.32100, with Take Profit of 1.32900 and Stop Loss of 1.31700