Remain long | 10 November 2020

Technical observation

GBP retraced to a supportive zone 1.2874-1.2830 but could not break below it. Price bounced within the same zone and is currently trading with an increasing bullish bias towards a key line 1.3386. I expect this upwards rally to continue to 1.3386 followed by either a clear breakout above it with a big green candle, or, a rejection at it followed by a correction to the zone 1.2874-1.2830. If you are currently long with this pair, remain so with your take profit at 1.3386 and stop loss at 1.2671, however, if you are currently neutral, wait for either a breakout above 1.3386 or another correction to 1.2874-1.2830 to buy GBP.

Trade recommendation

Remain long with your take profit at 1.3386.