19 Oktober 2020, GBP/USD
Technical observation
GBP is trading with an increasing bearish momentum below a resistance zone it established around 1.2945-1.2939. I expect the value of this pair to plummet further to the lower side towards the support level 1.2863 followed by a clear breakout below it for a further surge to the lower side, My advice, if you sold GBP within the zone 1.2945-1.2939 after a bounce, remain short with your take profit at 1.2863 and stop loss at 1.2961. In case of a break above 1.2945-1.2939, wait for a retracement to it and a rejection within it to confirm a momentum to the upper side before you buy GBP towards 1.3007.
Trade recommendation
Remain short with your take profit at 1.2863 and stop loss at 1.2961.