We're long | 27 October 2020

Technical observation

GBP is trading with an increasing bullish bias above a zone 1.3012-1.3007, I expect this upwards movement to continue to the line 1.3092 followed by a clear breakout above it with a big green candle for a further surge to the upper side. If you went long with GBP within the above-mentioned zone after a bounce, remain long with your take profit at 1.3092 and stop loss at 1.2975. In case there is a clear breakout below the zone 1.3012-1.3007 with a big red candle, wait for a pullback to the just broken zone before you sell GBP. On your way downwards the levels to look for include (1.2944-1.2938) and 1.2862.

Trade recommendation

We are long with take profit at 1.3092.