We're neutral | 12 November 2020

Technical observation

GBP bounced at the key level 1.3279 as anticipated and yesterday it declined slightly, I still expect further bearish rally towards the zone it established at 1.2874-1.2830, followed by a rejection. My advice, remain flat and wait for a correction to the zone 1.2874-1.2830 followed by a rejection within it to re-buy GBP with your take profit at 1.3279 and stop loss at 1.2671. Should there be no bounce within the same zone but a clear breakout below it with a big red candle; you can expect the value of this pair to plummet downwards after a correction to the just broken zone and clear bounce within it.

Trade recommendation

Remain neutral.