GBPUSD Daily Forecast May 16 2018

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GBPUSD: Consolidates With Downside Bias!

Recommendations: Short positions below 1.3525 levels with 1.3457 & 1.3430 as next targets.

Alternative scenario: Above 1.3525 look for further limited gains below 1.3571 levels.

Description: As long as 1.3525 resistance holds on a 4-hour closing basis, the GBPUSD remains neutral with a risk to the downside to the 1.3457 levels, a halt is likely but a cut will aim the 1.3430 levels, further down, support comes at the 1.3377 levels.

On the upside, above 1.3525 sees limited gains to the 1.3571 levels before another fall, above 1.3571 on a 4-hour closing basis will extend the recovery to the 1.3600/1.3630 levels.

Conclusion: The GBPUSD sees sideways move with the possibility of breaking lower as long as trades below 1.3525 levels.

Key data/events which may affect GBPUSD pair today:

U.S Building Permits (Apr) at 12:30 GMT.

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