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Stay on the sidelines temporarily.

Stay on the sidelines temporarily. | 20 May 2021

20 May 2021, GBP/USD

Stay on the sidelines temporarily.

Weekly Analysis

During the previous trading day, the British pound rallied to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. As it is now on the daily chart, we are expecting further pullback to the lower side but should not go beyond 38.2% fib level. If this level is broken, then further momentum to the lowerside is expected. And in case the price breaks above 1.42340, then further momentum to the upperside is expected with an ideal target set at 1.43 or even higher.

Trade Recommendations:

Stay on the sidelines temporarily.

This is the seventh portfolio developed by FreshForex specialists. Each of the previous six portfolios showed positive results, with a total return of 86.2%.

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Bob Stan
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