22 May 2020, GBP/USD
Technical observation
GBP did not bounce within the zone 1.2209-1.2173 instead, it traded with an increasing bearish momentum and is still rallying within the zone. I expect a loss of this bearish rally for possible bullish movements towards the line 1.2746 followed by a clear breakout above it. My advice, buy a bounce within the zone 1.2209-1.2173 with your take profit at 1.2746 and stop loss at 1.2003. In case there is a clear penetration below the zone 1.2209-1.2173 with a big red candle, wait for a correction to the just broken zone and a bounce within it to confirm possible bearish movements of price before you pick short positions.
Trade recommendation
Pick long positions within 1.2209-1.2173 with your take profit at 1.2746.
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