25 мая 2020, GBP/USD
Technical observation
GBP declined to the supportive zone 1.2209-1.2173 and could not penetrate below it. Right now price is rallying with an increasing bullish momentum and I expect this upwards rally to continue to the resistance zone 1.2770-1.2746. Within the supportive zone 1.2209-1.2173 is the ideal place to pick long positions with your take profit at 1.2746 and stop loss at 1.2003. In case of a breakout above the zone 1.2770-1.2746 with a big green candle, wait for a correction to it and a rejection within it to confirm further bullish movements of price before you continue long withy this pair towards the key level 1.3312. Short positions may only be advisable below the supportive zone 1.2209-1.2173.
Trade recommendation
Buy GBP within 1.2209-1.2173 with your take profit at 1.2746.
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