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24.02.202014:34 Forex Analysis & Reviews: Trading plan for GBPUSD for February 24, 2020

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Technical outlook:

GBPUSD might have formed a bottom at 1.2850 level on Friday, or could form another low around 1.2550/1.2750 before resuming its rally. Please note that the corrective drop from 1.3515 level is stalling at the previous support level around 1.2830/50 and could produce a bullish reversal. In case of a break above 1.3070 resistance, the pair will form the bottom. If it fails, prices may lower to the next support zone which is a confluence of Fibonacci 0.618 retracement of previous rally and the resistance level around 1.2830/50. Please note that the overall bullish structure remains intact for GBPUSD and that a rally towards 1.4200/4400 is expected to resume any moment. It is good to buy closer to Friday's low, and add further on dips with a risk below 1.1950 level. It remains to be seen where a bottom is formed.

Trading plan:

Remain partially long @ 1.2900 and add further @ 1.2550/1.2750, stop @ 1.1950 and target is 1.4200

Good luck!

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