Wait for a correction | 20 October 2023

Technical observation

On the chart above, the price is trading with an increasing bearish bias slightly above the supportive level 1.2013, however, I expect a loss of this downwards movement followed by a correction to the resistance level 1.2461. My advice, remain flat and wait for a retracement to the level 1.2461 then sell a rejection at it with your take profit at 1.2013 and stop-loss at 1.2550, should there be a decline below the line 1.2013 with a big red candle, continue short with this pair after a pullback and a bounce at the broken line, but if there is a rise above the level 1.2461, you can long GBP towards the key level 1.2791 or higher.

Trade recommendation

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