Pick your profits at 1.2635 | 24 September 2020

Technical observation

GBP is still declining steadily towards the supportive level 1.2635; my expectation is either a clear breakout below it with a big red candle, or a bounce at it followed by another retracement to the resistance zone 1.3006-1.2970. My advice, if you went shirt with this pair within the zone 1.3006-1.2970 after a bounce, remain short with your take profit at 1.2635 and stop loss at 1.3170. In case of a clear break below the line 1.2635 with a big red candle, wait for a correction to the just broken line and a bounce to confirm further bearish rally before you continue short with this pair towards 1.2226-1.2194.

Trade recommendation

Remain short with your take profit at 1.2635.