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Remain flat

Remain flat | 18 May 2022

18 May 2022, GBP/USD

Remain flat

Technical observation

GBP rose and broke above a zone 1.2380-1.2390 it then allied further upwards and currently it is trading slightly above the broke zone with an increasing bearish bias. This downwards movement is a correction to the zone I mentioned earlier and I expect a rejection of price within it followed by a momentum to the upper side. My advice, wait for a second retracement to the zone 1.2380-1.2390 to pick long positions with your take profit at 1.2636 and stop-loss at 1.2331. Should there be a clear break above the level 1.2636, I expect the value of this pair to ascend further towards 1.2906 or even higher to the resistance level 1.3082.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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