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GBPUSD Forex Analysis for May 16th 2019

GBPUSD Forex Analysis for May 16th 2019
Thursday, May 16th, 2019 @ 4:58 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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In daily time frame as anticipated, GBPUSD trend looks somewhat bearish. Price action is falling down and stepping low and Forex traders could easily notice that market is printing lower swing highs and lower swing lows. Key resistance level is present at 1.3195 price area, based on most recent swing low in daily chart GBPUSD.

 

No news came out on Wednesday for the GBP. Technically; bearish trend could take price action towards next support target at 1.2700. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current GBPUSD bearish trend. However; a clear bullish break out in price action above 1.3195 key resistance area will end the bearish 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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