Wait | 11 September 2023

Technical observation

GBP declined below the zone it established at 1.2631-1. 2592 with a big red candle and it is still trading with an increasing bearish bias. Today I expect either a continuation of this downwards movement or a loss of it followed by a correction to the zone indicated above. However, I recommend that you remain neutral and wait for a second correction to the zone 1.2631-1.2592 to sell GBP with your take profit at 1.1688 and stop-loss at 1.2992. If there is clear break below the level 1.1688 with a big red candle, I expect the value of this pair to plunge towards the key level 1.0363 or lower.

Trade recommendation

Remain neutral.