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26.05.202013:27 Forex Analysis & Reviews: Trading plan for GBP/USD for May 26, 2020

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Technical outlook:

GBP/USD is seen to be trading at around 1.2310/15 levels at this point in writing.The pair is expected to push toward 1.2900 levels in the short term. The currency pair dropped to 1.2080 levels over the past few trading sessions before turning bullish again. Please note that GBP/USD had reached fibonacci 0.382 retracement of the entire rally between 1.1414 and 1.2485, around 1.2080 before bulls were back in control. Ideally, a higher low has been carved around 1.2100 levels and GBP/USD should stay above that, going forward. Looking at the overall wave structure, GBP/USD has managed to print a meaningful low around 1.1414 earlier and since then it has carved a series of higher highs and higher lows. It remains bullish towards 1.2900 and higher until 1.1414 lows hold good.

Trading plan:

Remain long, stop @ 1.1414, target at 1.3200 and 1.3500.

Good luck!

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