We're short within 1.2937-1.2933 | 30 October 2020

Technical observation

GBP is trading below a resistance zone it established around 1.2937-1.2933. Yesterday, I predicted a decline in value of this pair towards the same zone and, if you sold GBP within the zone 1.3012-1.3007 after a bounce, at the line 1.2937 was the ideal place to pick your profits. Right now as it is on the hourly chart above, wait for a clear bounce within the zone 1.2937-1.2933 confirming a possible momentum to the lower side before you sell GBP with your take profit at 1.2862 and stop loss at 1.2962. In case there is a clear break below the line 1.2862, expect price to plummet further to the lower side.

Trade recommendation

Sell GBP within 1.2937-1.2933 with your take profit at 1.2862.