We're bullish towards 1.3386 | 22 October 2020

Technical observation

Following its rejection within the zone 1.2874-1.2830, GBP has been rallying upwards steadily towards a key level 1.3386. If you bought GBP within the zone mentioned above and is currently long, remain in the trade with your take profit at 1.3386 and stop loss at 1.2671. If this take profit is triggered, my expectation is either a clear breakout above it with a big green candle, or a bounced at it followed by a retracement to the zone 1.2874-1.2830. In case you are currently neutral with this pair, remain so and wait for either a clear break above 1.3386 or a correction to 1.2874-1.2830 to buy GBP.

Trade recommendation

Remain long with your take profit at 1.3386.