Remain bearish towards 1.0883 | 10 October 2022

Technical observation

Since it bounced within the resistance zone 1.1460-1.1427 GBP has been trading with an increasing bearish bias and today I expect a further rally to the lower side, If you sold this pair within the zone mentioned above after a bounce, remain in the trade with your take profit at 1.0883 and stop-loss at 1.1634, in case of a penetration below the level 1.0883 with a big red candle, I expect the value of the pair above to surge towards the supportive level 1.0361 or lower. On the chart above, I can only recommend bullish positions in case of a clear break above the zone 1.1460-1.1427 with a big green candle.

Trade recommendation

Remain short with your take profit at 1.0883.