Long towards 1.2521 | 11 Mei 2020

11 Mei 2020, GBP/USD

Long towards 1.2521

Technical observation

On the hourly chart above, price penetrated above a resistance zone 1.2400-1.2393 with a big green candle then retraced and was contained above the zone. Currently GBP is trading with an increasing bullish momentum and I expect this upward movement to continue to the key level 1.2521. If you bought this pair within the zone 1.2400-1.2393 after a rejection, remain long with your take profit at 1.2521 and stop loss at 1.2355. However, if you are currently neutral with this pair, remain so and wait for either another correction to the zone 1.2400-1.2393, or, a clear breakout above the line 1.2521 and a correction to buy GBP.

Trade recommendation

We are long with take profit at 1.2521.

Imelda Maseno
Analyst of «FreshForex» company
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