Wait | 12 May 2022

12 May 2022, GBP/USD

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Technical observation

GBP pulled back to the resistance zone 1.2390-1.2381 but could not break above it; instead it declined steadily up to the supportive level 1.2240. Currently this pair is trading with an increasing bullish bias above the level 1.2240 and my expectation is a correction to the zone I mentioned earlier followed by a rejection within it to re-sell GBP with my take profit still at 1.2240 and stop-loss at 1.2449. As it is on the hourly chart above, remaining neutral is ideal than picking any positions. I can only recommend bullish positions in case of a clear break above the zone 1.2390-1.2381 with a big green candle followed by a retracement to it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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