GBPUSD Daily Forecast May 05 2017

GBPUSD: Halts Consolidation, Looks To Break Higher!


GBPUSD: Halts Consolidation, Looks To Break Higher!

Outlook in GBPUSD remains on the upside as long as 1.2864 support holds on a daily closing basis, resistance comes at the 1.2945 levels, a halt is likely but a break will extend gains towards the 1.3000/1.3085 levels, further upside, resistance stands at the 1.3245 levels.

On the downside, immediate support comes at the 1.2864 levels, below that level sees a corrective pullback towards the 1.2770 levels before the next rising… Below 1.2770 will bring large pullback to the 1.2615/1.2480 levels

Conclusion: The GBPUSD continues to face upside threats above the 1.2864 levels with risk to the 1.3000/1.3085 levels…

Note that U.S jobs report is likely to bring a buying opportunity today around support levels, anyway; since the pair still trading below 1.2945 levels, it may correct a bit lower before breaking higher…