17 Mei 2022, GBP/USD
Technical observation
The pair on the chart above is trading with an increasing bullish bias above the supportive level 1.2020, I expect a continuation of this upwards movement to the resistance level 1.3418-1.3355 followed by a rejection within it to pick short positions with my take profit at 1.2020 and stop-loss at 1.3743. Should there be a clear penetration below the level 1.2020 with a big red candle, I expect it to decline further towards the supportive level 1.1404 or even lower. Right now as it is on the weekly chart above remaining neutral is ideal than picking any positions, I can only recommend bullish positions in case of a break above the zone 1.3418-1.3355.
Trade recommendation
Remain flat.