We are short within 1.2209-1.2173 | 19 May 2020

Technical observation

After penetrating below the supportive zone 1.2209-1.2173, yesterday GBP retraced to the same zone but did not penetrate above it. Price was contained below the above-mentioned zone and is currently trading within it. I expect price to plummet towards the key level 1.1468 followed by a possible penetration below it. Within the zone 1.2209-1.2173 is the ideal place to sell this pair with your take profit at 1.1468 and stop loss at 1.2380. In case there is a clear penetration above 1.2209-1.2173, wait for a correction to it before you buy GBP. Right now however, we can only anticipate bearish movements of price.

Trade recommendation

Sell GBP within 1.2209-1.2173 with your take profit at 1.1468.