We're bullish towards 1.2746 | 26 May 2020

Technical observation

GBP bounced within the supportive zone it established around 1.2209-1.2173. Yesterday, price rose and is still showing signs of rising even further towards the resistance zone 1.2770-1.2746. If you bought GBP within the zone 1.2209-1.2173 after a rejection, remain long with your take profit at 1.2746 and stop loss at 1.1978. Continue long with this par in case of a clear breakout above 1.2770-1.2746 with a big green candle. We can only anticipate bearish price movements of GBP in case of a clear breach below the zone 1.2209-1.2173 with a big red candle followed by a retracement and a rejection within it.

Trade recommendation

Remain long with your take profit at 1.2746.