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GBPUSD Forex Analysis for May 15th 2019

GBPUSD Forex Analysis for May 15th 2019
Wednesday, May 15th, 2019 @ 5:06 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted. Muhammad is a regular participant in the FX Instructor Live Trading Room.

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GBPUSD Daily Chart Analysis

In daily time frame as anticipated, GBPUSD trend looks slightly bullish. Price action is falling down, not stepping up and Forex traders could easily notice that market is printing higher swing highs and higher swing lows. Key support level is present at 1.2865 price area, based on most recent swing low in daily chart GBPUSD.

Average Earnings Index 3m/y news came out on Tuesday for the GBP with bad numbers. Technically; bullish trend could take price action towards next resistance target at 1.3400. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current GBPUSD bullish trend. However; a clear bearish break down in price action below 1.2865 key support area will end the bullish momentum. Henceforth, currency traders may jump at the chance to stay out of the market and re-inspect the GBPUSD Spot Forex pair.
GBPUSD Forex Analysis

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