28 May 2020, GBP/USD
Technical observation
On the 4-hour chart above, price is trading above a supportive zone 1.2183-1.2161 with an increasing bearish momentum. I expect a loss of this bearish movement within the above-mentioned zone followed by an in increase in value towards the resistance zone 1.2625-1.2590. My advice, pick long positions within the zone 1.2183-1.2161 after a bounce with your take profit at 1.2590 and stop loss at 1.2018. In case of a clear breakout below the zone 1.2183-1.2161 followed by a correction and a rejection at it, I expect a possible surge in value of this pair towards the supportive level 1.1768.
Trade recommendation
Buy a bounce within 1.2183-1.2161 with your take profit at 1.2590.
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