Wait | 14 October 2020
14 October 2020, GBP/USD
Technical observation
GBP was not contained above the zone 1.3006-1.2970, instead price penetrated below it and is still trading with an increasing bearish bias, I however expect a pullback to the just broken zone followed by a bounce within it to short GBP towards the level 1.2626. My advice, wait for a correction to the zone 1.3006-1.2970 and a rejection within it to sell GBP with your take profit at 1.2626 and stop loss at 1.3170. In case this take profit is triggered and there is a clear breakout below it with a big red candle, the value of this pair could plummet further to the lower side towards the supportive zone 1.2226-1.2194.
Trade recommendation
Wait for a pullback to 1.3006-1.2970 to sell GBP.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
