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26.05.202212:08 Forex Analysis & Reviews: Trading plan for GBPUSD on May 26, 2022

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Technical outlook:

GBPUSD climbed to the 1.2612 highs on Thursday, just shy by 26 pips from its initial resistance at 1.2638 on the daily chart. The currency pair is trading at 1.2605 at this point in writing as bulls remain poised to push through 1.2640 in the immediate future. A meaningful corrective decline should be underway thereafter towards the 1.2300-50 zone.

GBPUSD has shown quite a bit of resilience after dropping to 1.2470 earlier this week. Bulls have managed to come back strong to take out the 1.2638 resistance and assert themselves, confirming a deeper correction ahead. Even if prices reverse lower from here, it could be a corrective drop as prices hold above 1.2150 going forward.

GBPUSD has now carved a lower degree upswing between 1.2152 and 1.2638 (almost), taking out initial resistance. Ideally, prices should drop through the 1.2300 levels in the next few trading sessions before resuming higher again. Upside potential targets are towards 1.2900, 1.3150, and higher.

Trading plan:

Potential short-term drop through 1.2300, then rally towards 1.3150 against 1.2100

Good luck!

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