GBPUSD Daily Forecast May 23 2019

Pound dollar 689875 1

GBPUSD Sees A Selling Opportunity Ahead Of U.K Retail Sales

The GBPUSD remains on the downside, as long as 1.2700 resistance holds on a daily closing basis. Support comes at 1.2640 level. A cut through support would open 1.2555 level, further down, support comes at 1.2470 level ahead of 1.2400 level.

On the upside, immediate resistance comes at the 1.2700 level. Above that level sees recovery threats to 1.2795 level, further upside, resistance comes at 1.2875 level.

Conclusion: The GBPUSD sees downside threats below 1.2700 levels…

Support: 1.2640, 1.2555, 1.2470, 1.2400

Resistance: 1.2700, 1.2795, 1.2875, 1.2940

Key data/events which may affect GBPUSD today:

The U.K will report on Retail Sales for April at 08:30 GMT. Any rebound to the upside will be limited by 1.2700 where selling is recommended…

Later on the day, the U.S will report on New Home Sales for April at 14:00 GMT. A selling opportunity is likely.