29.05.202012:05 Forex Analysis & Reviews: Technical analysis of GBP/USD for May 29, 2020

We noted clearly an ascending triangle which represents a bullish market that can be continuation in an up move or a reversal at a major support (1.2074). The GBP/USD pair is keeping continue in a bullish market from the support levels of 1.2270 and 1.2074. Also, it should be noted that the current price is in a bullish channel. We have good signals of indicators that lies in the RSI is still signalling that the trend is upward as it is still strong above the moving average (100) since yesterday. Immediate support is seen at 1.2167 which coincides with the first support. Consequently, the second support sets at the level of 1.2074. So, the market is likely to show signs of a bullish trend around the spot of 1.2167/1.2074. The market is still calling for strong bullish trend as long as the price is set above the major support level of 1.2074. In other words, buy orders are recommended above the level of 1.2167 with the first target at the level of 1.2274 in order to test the pivot point. Furthermore, if the trend is able to break through the first resistance of 1.2274. As a result, the pair will climb towards the double top (1.2466) to test it in coming hours. It is gainful to buy above the price of 1.2167 (S1) with targets at 1.2388 and 1.2466. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.2075. Stop loss must set below the ascending triangle.