looking to sell within 1.2400-1.2392 | 08 May 2020
08 May 2020, GBP/USD
Technical observation
On the hourly chart above, price retraced to the resistance zone it established around 1.2400-1.2392 and did not break above it. The bounce within the zone confirms that price is still within the seller range and I expect possible bearish momentum towards the supportive level 1.2265. My advice, pick short position within the above-mentioned zone with your take profit at 1.2265 and stop loss at 1.2437. Should there be a clear breakout above 1.2400-.2392 with a big green candle, wait for a retracement to it and a bounce within it to confirm upwards momentum of price before you pick long positions.
Trade recommendation
Sell GBP within 1.2400-1.2392 with your take profit at 1.2265.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
