We're flat temporarily | 10 December 2020

Technical observation

GBP is trading above a supportive zone 1.3299-1.3285 with an increasing bearish bias. I expect a loss if this downwards movement within the zone followed by bullish price movements towards the key level 1.3460. My advice, remain flat temporarily and wait for a bounce within the zone mentioned above to buy GBP with your take profit at 1.3460 and stop loss at 1.3221. In case of a clear breakout above the line 1.34670 with a big green candle, wait for a correction to the just broken level and a bounce at it confirming a further surge to the upper side before you continue long with this pair.

Trade recommendation

Remain neutral temporarily.