we are bearish towards 1.2099 | 09 June 2022

Technical observation

Yesterday GBP declined with a big red candle following a bounce within the resistance zone 1.2635-1.2591 and as long a price is sustained below the same zone I expect a continuation of this bearish movement towards the supportive level 1.2099 followed by either a clear break below it or a rejection at it. If you’re currently holding bearish positions with the pair above, remain in the trade with your take profit at 1.2099 and stop-loss at 1.2846. A further surge towards the supportive level 1.1436 can be anticipated in case of a clear break below the level 1.2099. I can only recommend bullish positions above the zone 1.2635-1.2591.

Trade recommendation

Remain short with your take profit at 1.2099.