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Wait for a bounce to buy GBP.

Wait for a bounce to buy GBP. | 15 May 2020

15 May 2020, GBP/USD

Wait for a bounce to buy GBP.

Technical observation

On the daily chart above, price is trading within a supportive zone 1.2209-1.2173 with an increasing bearish momentum. This bearish movement is a retracement and i expect a rejection of it within the zone for possible bullish price rally, however, GBP could still penetrate below the zone with big red candle. In case of a bounce within the zone, buy GBP within it with your take profit at 1.2746 and stop loss at 1.1978. However, in case of a clear breach below the zone, wait for a retracement to it and bounce to confirm possible bearish movements of price before you sell GBP with your take profit at 1.1468 and stop loss at 1.2412.

Trade recommendation

Wait for a rejection within 1.2209-1.2173 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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