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we are short within 1.2635-1.2591

we are short within 1.2635-1.2591 | 30 May 2022

30 May 2022, GBP/USD

Technical observation

GBP rose to the resistance zone 1.2635-1.2591 and currently it is trading within it with an increasing bullish bias. I expect a loss of this upwards movement within the same zone followed by a rally to the lower side. My advice, sell a bounce within the zone I have mentioned above with your take profit at 1.2099 and stop-loss at 1.2837. In case of a break below the level 1.2099, I expect price to plummet further towards the supportive level 1.1436, however should it clearly penetrate above the zone 1.2635-1.2591, I expect it to ascend towards the resistance level 1.3264 after a correction to the broken zone and a rejection within it.

Trade recommendation

Sell GBP within 1.2635-1.2591 with your take profit at 1.2099.

Imelda Maseno
Analyst of «FreshForex» company
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