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Pick long position within 1.2209-1.2173

Pick long position within 1.2209-1.2173 | 21 May 2020

21 May 2020, GBP/USD

Technical observation

GBP pulled back to the zone 1.2209.1.2173 it recently penetrated above and is currently rallying within it with an increasing bearish momentum. I expect a bounce within the zone for possible upwards movements of this pair towards the resistance zone 1.2770-1.2746 followed by a breach above it for further bullish movements of price. My advice, buy a bounce within the zone 1.2209.1.2173 with your take profit at 1.2746 and stop loss at 1.1978. In case of a clear breakout above the resistance zone 1.2770-1.2746, continue long with this pair after a retracement towards the key level 1.3312.

Trade recommendation

Buy GBP within 1.2209-1.2173 with your take profit at 1.2746.

Imelda Maseno
Analyst of «FreshForex» company
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