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27.05.202216:35 Forex Analysis & Reviews: Technical analysis of GBP/USD for May 27, 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.

Exchange Rates 27.05.2022 analysis

Overview:

The GBP/USD pair is going to continue to rise from the level of 1.2592 in the long term. It should be noted that the support is established at the level of 1.2592 which represents the 78% Fibonacci retracement level on the H1 chart.

The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.2635.

Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100).

This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.

So, buy above the level of 1.2635 with the first target at 1.2666 in order to test the daily resistance 1 and further to 1.2713.

Also, it might be noted that the level of 1.2759 is a good place to take profit because it will form a new double top.

On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.2537, a further decline to 1.2409 can occur which would indicate a bearish market.

Mourad El Keddani
Analytical expert of InstaForex
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