GBPUSD – Flat
Technical observation
GBP pulled back to the resistance level 1.2536 but did not break above it, instead it bounced at the same line and it is currently trading with an increasing bearish bias. As long as the price is contained below the level indicated above, I anticipate a further momentum to the lower side, if you are already holding short positions with this pair; remain in the trade with your take profit at 1.2206 and stop-loss at 1.2583. You can continue short towards the level 1.1802 should there be a break below the zone 1.2206-1.2186, on the other hand, pick bullish positions towards the level 1.3286 in case there is a clear breach above the resistance level 1.2536.
Trade recommendation
Remain short with your take profit at 1.2206.
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