Remain flat | 28 October 2020

Technical observation

This week, GBP has been trading with an increasing bearish bias towards the zone 1.2634-1.2571. This pair however could still penetrate above the resistance line 1.3305 for a further momentum to the upper side. In case of a correction to the supportive zone 1.2634-1.2571, buy a bounce within it with your take profit at 1.3305 and stop loss at 1.2254. In case of a clear penetration above the level 1.3305 with a big green candle, wait for a pullback to it and a bounce before you buy GBP. On your way upwards the key levels to look for include; 1.4244 and 1.5018. Only bullish positions look ideal for the pair above.

Trade recommendation

Remain neutral.