Buy GBP at 1.2491 | 12 Mei 2023

12 Mei 2023, GBP/USD

Technical observation

GBP is trading with an increasing bearish bias towards a trend line as shown above and I expect a loss of this downwards movement at the same level followed by a possible surge to the upper side. My advice, place a pending buy limit order at the level 1.2491 with your take profit at 1.2657 and stop-loss at 1.2412. If there is a clear break above the level 1.2657, I expect the price to rise further upwards after a correction to the broken line but should the value of GBP decline below the level 1.2491, you can expect it to plummet towards the supportive zone 1.2207-1.2190 or lower to the level 1.1797.

Trade recommendation

Buy GBP at 1.2491 with your take profit at 1.2657.

Imelda Maseno
Analyst of «FreshForex» company
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