We are bullish towards 1.2746 | 13 May 2020
13 May 2020, GBP/USD
Technical observation
Yesterday GBP declined to the supportive zone 1.2209-1.2173 but could not penetrate below it. This pair is currently trading with an increasing bullish momentum and I expect this bullish movement to continue to the resistance zone 1.2770-1.2746 followed by a clear penetration above it. If you bought this pair within the zone 1.2209-1.2173 after a bounce, remain long with your take profit at 1.2746 and stop loss at 1.1999. Should there be a clear penetration below the zone 1.2209-1.2173 with a big red candle, i anticipate a surge to the lower side towards 1.1468 after a pullback to the just broken zone.
Trade recommendation
Remain long with your take profit at 1.2746.
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.
