GBPUSD Daily Forecast May 11 2018

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GBPUSD: Continues To Consolidate!

Recommendations: Short positions below 1.3485 levels with 1.3430 & 1.3377 as next targets.

Alternative scenario: Stability above 1.3485 may bring limited gains to the 1.3560/1.3600 levels before another fall.

Description: Despite the pair is bearish, but a short-term support is seen around 1.3485 levels, a sustained breakout – daily closing is better- below that support will restore the downside momentum and open 1.3430/1.3377 levels, further down, support comes at the 1.3330 levels. Above 1.3485, further upside couldn’t be ruled out to the 1.13560/1.3600 levels, more gains will pave the way to the 1.3665 levels.

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