We're short within 1.3006-1.2970 | 09 October 2020

Technical observation

Yesterday GBP continued to rise towards the resistance zone 1.3006-1.2970 instead of rallying downwards as I had predicted. However, I expect a loss of this upwards movement within the above-mentioned zone for possible bearish rally towards the supportive level 1.2626. My advice, sell this pair within the zone mentioned above after a rejection with your take profit at 1.2626 and stop loss at 1.3170. In case of a clear breakout below the line 1.2626 with a big red candle, wait for a correction to it and a bounce to confirm bearish movements before you continue downwards towards the level 1.2226.

Trade recommendation

Sell GBP within 1.3006-1.2970 with your take profit at 1.2626.