Still short towards 1.2746 | 28 February 2020

Technical observation

GBP has been declining steadily towards a supportive zone 1.2785-1.2746, a loss of this bearish momentum can be expected within the zone followed by a either a clear decline below or a rejection within it. If you sold this pair at the key level 1.3334, pick your profits at 1.2746, however, if you are not in a trade yet, wait for either a rejection within 1.2785-1.2746 or a penetration below it. In case of a bounce within the zone, wait for a correction to 1.3334 to sell GBP and should there be a clear breakout below the zone with a big red candle, wait for a correction to the just broken zone to sell GBP.

Trade recommendation

Remain short with your take profit at 1.2746.