Remain flat | 11 January 2021

Technical observation

On the chart above, price is trading with an increasing bearish bias above a supportive zone 1.3472-1.3460. I expect a clear breakout below the zone with a big red candle; however, you can also anticipate a bounce within the same zone. In case of a clear penetration below the zone .13472-1.3460 with a big red candle, wait for a correction to it and a bounce confirming bearish movement of price before you sell, GBP with your take profit at 1.3317 and stop loss at 1.3508. In case of a break below the line 1.3317, I expect this pair to plummet further to the lower side towards the level 1.3186 after a retracement.

Trade recommendation

Remain flat.