We are flat | 14 September 2023

Technical observation

GBP broke below the supportive zone 1.2635-1.2571 with a big red candle and it is still trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a correction to the zone indicated above and a rejection within it. My advice, remain neutral and wait for a second retracement to the zone I mentioned earlier then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.2998. If there is a clear break below the level 1.1688 with a big red candle I expect the price to decline further towards the supportive level 1.0363 or lower.

Trade recommendation

Remain neutral.