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We are short within 1.2209-1.2173

We are short within 1.2209-1.2173 | 19 May 2020

19 May 2020, GBP/USD

We are short within 1.2209-1.2173

Technical observation

After penetrating below the supportive zone 1.2209-1.2173, yesterday GBP retraced to the same zone but did not penetrate above it. Price was contained below the above-mentioned zone and is currently trading within it. I expect price to plummet towards the key level 1.1468 followed by a possible penetration below it. Within the zone 1.2209-1.2173 is the ideal place to sell this pair with your take profit at 1.1468 and stop loss at 1.2380. In case there is a clear penetration above 1.2209-1.2173, wait for a correction to it before you buy GBP. Right now however, we can only anticipate bearish movements of price.

Trade recommendation

Sell GBP within 1.2209-1.2173 with your take profit at 1.1468.

Imelda Maseno
Analyst of «FreshForex» company
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