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Wait | 20 May 2020

20 May 2020, GBP/USD

Technical observation

GBP penetrated above the zone 1.2209-1.2173 it recently went below with a big red candle, this bullish breakout confirms the penetration below the zone was false and as long as this pair is contained above it, we can anticipate bullish price rally. My advice, wait for a correction to the zone 1.2209-1.2173 and a rejection within it to Buy GBP with your take profit at 1.2746 and stop loss at 1.1978. If this take profit is hit and there is clear penetration above it with a big green candle, wait for a retracement to it and bounce to confirm further bullish movements of GBP before you continue long towards 1.3312.

Trade recommendation

Wait for a correction to 1.2209-1.2173 to buy GBP.

Imelda Maseno
Analyst of «FreshForex» company
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