GBPUSD Daily Forecast May 17 2018

GBPUSD: Capped By Falling Trend Line!

Recommendations: Short positions below 1.3571 levels with 1.3500 & 1.357 as next targets.

Alternative scenario: Above 1.3571 look for further upside to the 1.3600/1.3630 levels.

Description: As long as 1.3571 resistance holds on a 4-hour closing basis, the GBPUSD remains on the downside to the 1.3500/1.3457 levels, a halt is likely but a cut will aim the 1.3475 levels, further down, support comes at the 1.3430 levels, further down, support comes at the 1.3375 levels.

On the upside, a 4-hour closing above 1.3571 will open 1.3600/1.3630 levels where another fall is likely.

Note that a daily closing below 1.3457 levels is needed to push the market for further downside losses, otherwise; it will continue the recovery above-mentioned┬álevel…

Key data events which may affect GBPUSD pair today:

U.S Philadelphia Fed Manufacturing Index (May) at 12:30 GMT.