Technical analysis GBPUSD for 05.05.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.24180. The closest support is the level 1.23200

Key levels

• 1.25640, 1.24930, 1.24180, 1.23200, 1.22620, 1.21830

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.24180, with Take Profit of 1.24930 and Stop Loss of 1.23600

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.23200, with Take Profit of 1.22620 and Stop Loss of 1.23600