FX.co ★ Analysis of GBPUSD for March 17,.2022 - Main upside target reached and potetnial for downside rotation

Technical analysis:

GBP/USD has been trading upside in the background and the market reached our main objective at 1.3190. Anyway, I see strong rejection of the key pivot and potential for downside rotation.

Trading recommendation:

Due to strong rejection in the background from key resistance at 1.3190, watch for selling opportunities on the intraday rallies.

Downside objective is set at the price of 1.3040

Stochastic is showing fresh bear cross and extreme bull condition, which is another sign and confirmation for the downside rotation.