29 September 2020, GBP/USD
Technical observation
GBP is trading below the zone 1.3006-1.2970 with an increasing bullish momentum. I expect a loss of this upwards momentum within the zone mentioned above to pick short positions with my take profit at 1.2626 and stop loss at 1.3166. In case there is a clear below the take profit level with a big red candle, wait for a correction to the line before you continue short with this pair. On your way downwards, the key levels to look for are 1.2626, the supportive zone 1.2226-1.2194, and the lower supportive level marked at 1.1768. As it is on the daily chart above, you can only anticipate bearish rally with this pair.
Trade recommendation
Sell GBP within 1.3006-1.2970 with your take profit at 1.2626.
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