For Traders

Analytical Reviews

Trading plan

27.05.202013:01 Forex Analysis & Reviews: Trading plan for GBP/USD for May 27, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook:

GBP/USD is seen to be trading around 1.2333 levels at this point in writing and is expected to continue pushing higher after a brief corrective drop. The currency pair seems to have carved a meaningful bottom around 1.1414 levels earlier. Since then it has remained in control of bulls and managed to carve higher highs and higher lows. The recent drop to 1.2080 was well supported by the fibonacci 0.382 retracement of the earlier upswing. Ideally, GBP/USD should remain above 1.2080 levels and push higher towards 1.2850/1.2900 and 1.3200 resistance. The recent upswing is seen between 1.2150 and 1.2360 respectively. GBP/USD might drop to the fibonacci 0.618 support of the above upswing, which is around 1.2240/50 levels respectively. Expect a bullish reversal from there, which could push GBP/USD higher towards 1.2900 and further.

Trading plan:

Remain long, stop @ 1.1414, target @ 1.3200, 1.3500

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.