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20.05.202214:16 Forex Analysis & Reviews: Trading plan for GBPUSD on May 20, 2022

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Technical outlook:

GBPUSD raised through the 1.2524 high on Thursday before pulling back. The currency pair eased off towards 1.2420 during the early Asian session on Friday before finding bids again. It is seen to be trading close to 1.2470at this point in writing and is expected to push higher towards the 1.2640-50 area in the near term.

GBPUSD bulls are looking poised to remain in control and take out initial resistance around 1.2640-50 before producing a meaningful correction. The currency pair is expected to slide through the 1.2300-30 zone thereafter before bulls are back in control. Prices look set to hold above the critical low registered at 1.2155 recently.

GBPUSD's bullish divergence on the daily RSI has proved to be a potential trend changer since 1.2155. The currency pair has rallied over 375 pips thereafter and is still looking to take off the 1.0640-50 resistance. Potential upside targets are seen towards 1.3150 and higher in the medium term. Traders might be preparing to hold long positions opened around the 1.2155-1.2200 zone.

Trading plan:

Potential rally through 1.2640-50 and higher against 1.2100

Good luck!

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