20 September 2023, GBP/USD
Technical observation
On the chart above, the price broke below the supportive zone 1.2635-1.2571 with a big red candle and it is still trading with an increasing bearish bias, today I expect a possible loss of this downwards movement followed by a retracement to the zone I mentioned above and my advice is, remain flat and wait for a second pullback to the zone 1.2635-1.2571 then sell a bounce within it with your take profit at 1.1688 and stop-loss at 1.2992. If there is a clear penetration below the level 1.1688, wait for a retracement to this line and a rejection at the broken line before you continue short towards the key level 1.0363 or lower.
Trade recommendation
Remain flat.
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