Long towards 1.2521 | 11 May 2020
11 May 2020, GBP/USD
Technical observation
On the hourly chart above, price penetrated above a resistance zone 1.2400-1.2393 with a big green candle then retraced and was contained above the zone. Currently GBP is trading with an increasing bullish momentum and I expect this upward movement to continue to the key level 1.2521. If you bought this pair within the zone 1.2400-1.2393 after a rejection, remain long with your take profit at 1.2521 and stop loss at 1.2355. However, if you are currently neutral with this pair, remain so and wait for either another correction to the zone 1.2400-1.2393, or, a clear breakout above the line 1.2521 and a correction to buy GBP.
Trade recommendation
We are long with take profit at 1.2521.
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.
