Wait for another correction to the zone 1.2587-1.2570 | 26 September 2023

Technical observation

Since it bounced within the resistance zone 1.2587-1.2570 GBP has been trading with an increasing bearish bias and currently the price is rallying slightly above the supportive level 1.2197 and I expect a rejection at this level followed by a pullback to the zone indicated above. My advice, remain neutral and wait for another correction to the zone 1.2587-1.2570 then re-sell this pair within it with your take profit at 1.2197 and stop-loss at 1.2693. In case the price rises above the zone I mentioned earlier, I expect possible bullish movements towards the resistance level 1.2992 or even higher.

Trade recommendation

Wait for another correction to the zone 1.2587-1.2570 to re-sell GBP.