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Remain neutral.

Remain neutral. | 24 May 2022

24 May 2022, GBP/USD

Remain neutral.

Technical observation

On the 4 hour chart above, price is trading with an increasing bullish bias below a resistance zone 1.2638-1.2613 and I expect a loss of this upwards movement within the same zone followed by surge to the lower side. My advice, pick short positions within the zone I have mentioned above after a bounce with your take profit at 1.2172 and stop-loss at 1.2760. If price is not sustained below the zone Indicated above but clearly penetrates above it with a big green candle, I expect a possible momentum of price to the resistance level 1.3188 after a pullback to the broken zone. Right now I would recommend that you remain flat temporarily.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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