We're short towards 1.2626 | 30 September 2020

Technical observation

GBP bounced below the zone 1.3006-1.2970 and is currently rallying with an increasing bearish bias. I expect this bearish movement to continue to the supportive level 1.2626 followed by a clear breakout below it for a further decline in price. If you went short with this pair within the zone 1.3006-1.2970, remain in the trade with your take profit at 1.2626 and stop loss at 1.3170. You can anticipate further bearish price movements of this pair should there be a clear breakout below the key line 1.2626. The key levels to look for while on bearish rally are, 1.2626, 1.2226-1.2194 and 1.1768.

Trade recommendation

Remain short with your take profit at 1.2626.