Long towards 1.2500 | 29 May 2020

Technical observation

On the 4 Hour chart above, price is trading above a resistance zone it established around 1.2215-1.2194 with an increasing bullish bias. I expect this bullish movement to surge to the upper side towards the resistance line 1.2500 followed by a clear breakout above it with a big green candle. If you bought GBP within the zone mentioned above after a rejection, remain long with your take profit at 1.2500 and stop loss at 1.2088. As long as GBP is contained above the zone 1.2215-1.2194, we can only anticipate bullish movements of price. Short positions can only be advisable below the zone 1.2215-1.2194.

Trade recommendation

Remain long with your take profit at 1.2500.