We're bearish towards 1.2695 | 11 September 2020

Technical observation

GBP is still trading with an increasing bearish momentum below a resistance zone it established around 1.3461-1.3409, I expect this bearish movement to continue to the supportive level 1.2695 followed by either a clear break below it with a big red candle or a rejection at the line followed by a correction to the zone 1.3461-1.3409. My advice, if you sold this pair within the zone 1.3461-1.3409 after a bounce, remain short with your take profit at 1.2695 and stop loss at 1.3797. In case of a break below 1.2695, wait for a correction to the just broken zone and a bounce before you sell towards the support 1.2018.

Trade recommendation

Remain short with your take profit at 1.2695.