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23.05.201907:09 Forex Analysis & Reviews: Forecast for GBP/USD on May 23, 2019

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GBP/USD

At the end of yesterday, the British pound lost 41 points in connection with Theresa May's next failure to reach an agreement with MPs on the terms of the Brexit deal. The April inflation figures were moderately optimistic, but they did not help the national currency. UK retail prices rose from 2.4% y/y to 3.0% y/y, the base CPI remained at the previous 1.8% y/y, the total CPI rose from 1.9% y/y to 2.1 % y/y The rise in prices for residential real estate increased from 1.0% y/y to 1.4% y/y. The UK's public sector borrowing for April was 5.0 billion pounds against a forecast of 5.2 billion.

The price has overcome support (or the level of the first target) of 1.2660, now its immediate target is the level of 1.2530 - at least on December 14, 2018. Overcoming this level also opens the subsequent target at 1.2400 - the line of support for the price channel of the weekly chart.

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