empty
 
 
20.05.2022 02:57 PM
Technical analysis on GBPUSD for May 20, 2022.

GBPUSD is trading around 1.2477. Price is below short-term resistance at 1.2515, but has already formed a higher low. This higher low gives hopes to bulls for an upward break out. If resistance is broken, we should then expect GBPUSD to rise towards 1.2670-1.2680.

This image is no longer relevant

Red lines- bullish divergence

Green rectangle- short-term support

Red rectangle- resistance

Blue rectangle- target if resistance is broken

GBPUSD is challenging the red resistance. If broken we get a bullish signal and our target will be the blue rectangle. This bullish scenario is valid as long as price is above the green support area. The RSI bullish divergence we identified a few days ago provided the upward bounce we were expecting. Will GBPUSD continue higher? There are increased chances of this happening.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback