Technical analysis GBPUSD for 17.05.2022

The Tenkan-sen line crosses bottom upward the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span crosses bottom upward the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.23900. The closest support is the level 1.23240

Key levels

• 1.24480, 1.24220, 1.23900, 1.23240, 1.22870, 1.22540

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.23900, with Take Profit of 1.24220 and Stop Loss of 1.23550

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.23240, with Take Profit of 1.22870 and Stop Loss of 1.23550