Wait for a retracement | 28 September 2020

Technical observation

Just as EUR, GBP is also retracing to a resistance zone it established at 1.3006-1.2970. I expect a bounce within the zone to sell this pair with my take profit at 1.2626 and stop loss at 1.3166. Should there be a clear break below the line 1.2626 with a big red candle, wait for a retracement to it and a bounce to confirm further bearish movements of price before you continue short with this pair towards the supportive zone 1.2226-1.2194. Anticipate further bearish rally of this pair towards the key level 1.1763 in case of a clear break below the supportive zone 1.2226-1.2194 with a big red candle and a pullback to it.

Trade recommendation

Wait for a retracement to 1.3006-1.2970 to sell GBP with your take profit at 1.2626.