Wait | 15 September 2023

Technical observation

GBP declined below the level 1.2461 with a big red candle and is still trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a correction to the just broken line. My advice, remain neutral and wait for a second correction to the level 1.2461 then sell a bounce at it with your take profit at 1.2013 and stop-loss at 1.2578. If the price breaks below the level 1.2013, I recommend that you continue short towards the level 1.1801 or lower, as it is on the 4 hour chart above, as long as the value of GBP is sustained below the zone 1.2791-1.2778 I can only recommend bearish positions.

Trade recommendation

Wait for a correction to the level 1.2461 to sell GBP.