Wait for a pullback to the zone 1.2635-1.2589 | 25 October 2023

Technical observation

GBP is trading with an increasing bearish bias between the supportive level 1.1702 and a resistance zone 1.2635-1.2589; today I expect a possible momentum to the zone indicated above followed by a bounce within it. My advice, remain flat and wait for a correction to the zone1.2635-1.2589 then pick short positions within it with your take profit at 1.1702 and stop-loss at 1.2849. If the price descends below the level 1.1702, I expect it to plunge further to the lower side towards the key level 1.0363 or lower, contrary, I anticipate a surge towards level 1.3610 or higher should the price break above the zone 1.2635-1.2589.

Trade recommendation

Wait for a pullback to the zone 1.2635-1.2589 to sell GBP.