Wait | 14 September 2020

Technical observation

The general trend for the pair on the 4-hour chart above is downwards. GBP broke below a supportive line 1.2854 with a big red candle and currently price is rallying below the same line with an increasing bullish bias. I expect this movement to continue to the resistance line mentioned above followed by a bounce at it for bearish movement of price. On your way downwards the key levels to look for include; 1.2652, 1.2452 and the lower supportive level 1.2273. My advice, wait for a correction to the line 1.2854 and a bounce at it to sell GBP with your take profit at 1.2652 and stop loss at 1.2944.

Trade recommendation

Wait for a correction to the line 1.2854 to sell GBP with your take profit at 1.2652.