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.
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