Technical analysis GBPUSD for 12.05.2022

The Tenkan-sen line approaches below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is above 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 1.22360. The closest support is the level 1.21620

Key levels

• 1.23420, 1.22700, 1.22360, 1.21620, 1.21000, 1.20410

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.22360, with Take Profit of 1.22700 and Stop Loss of 1.21900

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.21620, with Take Profit of 1.21000 and Stop Loss of 1.21900