Wait for a pullback to the zone 1.2635-1.2571 | 18 September 2023

Technical observation

GBP broke below the 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 broken zone and a possible bounce within it. My advice, remain neutral and wait for a correction to the zone mentioned above then sell a rejection within it with your take profit at 1.1688 and stop-loss at 1.2992, if the price declines below the level 1.1688, wait for a correction this line before you continue short towards 1.0363. As long as GBP is sustained below the zone 1.2635-1.2571, I can only recommend bearish positions.

Trade recommendation

Wait for a pullback to the zone 1.2635-1.2571 to sell GBP.