we are bearish towards 1.2099 | 13 June 2022

Technical observation

Since it bounced within the zone 1.2591-1.2635, GBP has been trading with an increasing bearish bias and as long as it is sustained below this zone I expect a continuation for this bearish movement. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 1.1436 and stop-loss at 1.2845. In case price hits the level 1.2099 and clearly breaks below it with a big red candle, wait for a correction to the broken line before you continue short towards the supportive level 1.1436. On the daily chart above, I can only recommend bullish positions if price clearly penetrates above the zone 1.2591-1.2635.

Trade recommendation

Remain short with your take profit at 1.2099.