13 Mei 2020, GBP/USD
Technical observation
Yesterday GBP declined to the supportive zone 1.2209-1.2173 but could not penetrate below it. This pair is currently trading with an increasing bullish momentum and I expect this bullish movement to continue to the resistance zone 1.2770-1.2746 followed by a clear penetration above it. If you bought this pair within the zone 1.2209-1.2173 after a bounce, remain long with your take profit at 1.2746 and stop loss at 1.1999. Should there be a clear penetration below the zone 1.2209-1.2173 with a big red candle, i anticipate a surge to the lower side towards 1.1468 after a pullback to the just broken zone.
Trade recommendation
Remain long with your take profit at 1.2746.