We're neutral | 20 May 2021

20 May 2021, GBP/USD

Technical observation

On the 4 hour chart above, GBP is trading with an increasing bullish bias between a supportive zone 1.4008-1.4001 and a resistance level 1.4214. I expect a surge to the zone I have mentioned above followed by either a clear breakout below it with a big red candle, or a bounce at it for a possible rally to the upper side; However, price can still rise and penetrate above the line 1.4214, if this is the case, then wait for a correction to the just broken line and a bounce at it confirming further bullish movements of price before you pick long positions. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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