Remain neutral. | 24 May 2022
24 May 2022, GBP/USD
Technical observation
On the 4 hour chart above, price is trading with an increasing bullish bias below a resistance zone 1.2638-1.2613 and I expect a loss of this upwards movement within the same zone followed by surge to the lower side. My advice, pick short positions within the zone I have mentioned above after a bounce with your take profit at 1.2172 and stop-loss at 1.2760. If price is not sustained below the zone Indicated above but clearly penetrates above it with a big green candle, I expect a possible momentum of price to the resistance level 1.3188 after a pullback to the broken zone. Right now I would recommend that you remain flat temporarily.
Trade recommendation
Remain flat temporarily.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
