27 May 2020, GBP/USD
Technical observation
On the 4-hour chart above, price penetrated below a supportive zone 1.2183-1.2161 but was not contained below it. Price then retraced to the zone and bounced within it. GBP is currently trading with an increasing bullish momentum and I expect this movement to rally to the key level 1.2483 followed by a clear penetration above it. If you bought GBP within the zone 1.2183-1.2161 after a rejection, remain long with your take profit at 1.2483 and stop loss at 1.2030. However, in case of a clear breakout below the zone 1.2183-1.2161 with a big red candle, wait for a correction and a bounce within it before you sell GBP.
Trade recommendation
Remain long with your take profit at 1.2483 and stop loss at 1.2030.
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