Remain bearish | 13 November 2023

Technical observation

On the chart above the value of GBP has been trading with an increasing bearish bias since it bounced within the zone 1.2436-1.2415, currently the price is trading slightly above the supportive level 1.2060 and I expect it to decline to the same line followed by a either a rejection at it or a clear break below it with a big red candle. If you picked short positions within the zone I mentioned earlier, remain in the trade with your take profit at 1.2060 and stop-loss at 1.2530, should there be a penetration below the level 1.2060, continue short towards 1.1605 after a pullback and a bounce at the broken line.

Trade recommendation

Remain bearish with your take profit at 1.2060.