GBP is waiting for confirmation 24/5/2022

The British pound continues its attempts to outperform the US dollar, moving away from the psychological support level of 1.2500 and attacking the resistance level of 1.2600 at the beginning of the weekly trading.

Technically, the pair found a pivotal resistance level around 1.2600, which limited the gains. However, with a careful look at the 240-minutes chart, we find the momentum indicator trying to get more bullish momentum, and we find the pair is stable in general, above 1.2500.

Therefore, there may be a possibility to resume the rise, provided we witness a clear and strong breach of the 1.2620 resistance level. This catalyst enhances the chances of achieving gains to visit 1.2670, the first target above 1.2500.

Note: the breach below 1.2500 can thwart the current bullish attempts and direct the pair to retest 1.2410.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2500	R1: 1.2620
S2: 1.2730	R2: 1.2670
S3: 1.2380	R3: 1.2740