Technical analysis GBPUSD for 11.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed up, while blue is directed down. 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 support is the level 1.22200. The closest resistance is the level 1.23175

Key levels

• 1.27600, 1.26175, 1.25250, 1.24150, 1.23175, 1.22200, 1.20950

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.23175, with Take Profit of 1.22200 and Stop Loss of 1.24150

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.24150, with Take Profit of 1.25250 and Stop Loss of 1.23175