20 Octubre 2020, GBP/USD
Technical observation
Yesterday we had anticipated a decline in price from within the zone 1.2956-1.2952 towards the level 1.2886; however, the pair on the chart above rose above the zone with a big green candle but was not contained above it. GBP later broke below the same zone then retraced to it and is currently trading with an increasing bearish bias. I expect this bearish rally to continue to the supportive level 1.2886 followed by a clear break below it for a momentum to the lower side. If you sold GBP within the zone 1.2956-1.2952 after a bounce, remain short with your take profit at 1.2886 and stop loss at 1.2969.
Trade recommendation
Remain short with your take profit at 1.2886.
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