FX.co ★ GBP/USD update for March 28, 2022 - First downside has been reached, potential for further drop

Technical analysis:

GBP/USDC has been trading downside today as I expected. GBP reached the first downside objective at 1.3105 and I still see potential for further downside movement.

Trading recommendation:

Due to potential completion of the ABC structure in the background and the breakout of the rising trendline, I see potential for the downside continuation.

Watch for selling opportunities on the intraday rallies with the next downside objective at 1.3005

Stochastic is showing oversold condition but with no evidence for the reversal.

Resistance level set at the price of 1.3165