GBP/USD: trade opportunities

GBP/USD: trade opportunities

2020-05-19 • Updated

GBP/USD formed a “Piercing line” pattern on the D1. The pair rose to the resistance line that connects April 30 and May 8 highs. There is something similar to an “Inverted Head and Shoulders” pattern on the chart. However, entering bullish positions will be sensible only if the pair rises above 1.2290 (38.2% Fibonacci retracement, 50-day MA). On the downside, the slide below 1.2205 will trigger a decline at least to 1.2165.

Trade ideas for GBP/USD

BUY 1.2295; TP 1.2355; SL 1.2275 

SELL 1.2200; TP 1.2165; SL 1.2215

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