Pick long position within 1.2209-1.2173 | 21 May 2020
21 May 2020, GBP/USD
Technical observation
GBP pulled back to the zone 1.2209.1.2173 it recently penetrated above and is currently rallying within it with an increasing bearish momentum. I expect a bounce within the zone for possible upwards movements of this pair towards the resistance zone 1.2770-1.2746 followed by a breach above it for further bullish movements of price. My advice, buy a bounce within the zone 1.2209.1.2173 with your take profit at 1.2746 and stop loss at 1.1978. In case of a clear breakout above the resistance zone 1.2770-1.2746, continue long with this pair after a retracement towards the key level 1.3312.
Trade recommendation
Buy GBP within 1.2209-1.2173 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.
