For Traders

Analytical Reviews

Trading plan

24.05.202213:14 Forex Analysis & Reviews: Trading plan for GBPUSD on May 24, 2022

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:

GBPUSD rallied through 1.2600 on Monday before pulling back. The currency pair has re-tested 1.2599 intraday on Tuesday before sliding lower again. It is seen to be trading at around 1.2510 at this point in writing after slipping through 1.2475 earlier. Bulls have remained just shy of the initial resistance at the 1.2640 mark.

GBPUSD has managed to carve a meaningful upswing between 1.2152 and 1.2600 in the past few trading sessions. Ideally, prices should retrace the above towards the 1.2300-30 zone before turning higher again. It remains to make sure if the currency turns lower from here or after pushing through the 1.2640-50 resistance.

GBPUSD bulls will be inclined to hold prices above 1.2150 to keep the momentum going. Potential upside targets are defined as 1.2870, 1.3150, and 1.3320 as projected on the daily chart here. Only a consistent drop below 1.2250 will open the door towards 1.2152 and further. Traders might be preparing to initiate long positions again from the 1.2300-30 levels.

Trading plan:

Potential rally through 1.3150 against 1.2150.

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.