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19.05.202208:18 Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 19, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

The GBP/USD pair has been seen bouncing from the swing low located at the level of 1.2155 and bulls had broken through the immediate intraday technical resistance at 1.2411. Nevertheless, the bulls were rejected from the technical resistance located at the level of 1.2484 (any breakout above this level will open the road towards 1.2615 - 1.2697 zone) and currently the market is trading below the intraday technical resistance seen at 1.2411. Despite the oversold market conditions on the Daily and Weekly time frame charts there is no indication of trend termination or reversal just yet, so any move up must be seen only as a corrective cycle during the down trend. The bearish pressure will likely resume soon and the next technical support is seen at the level of 1.2165 and 1.2072.

Weekly Pivot Points:

WR3 - 1.2621

WR2 - 1.2514

WR1 - 1.2371

Weekly Pivot - 1.2267

WS1 - 1.2119

WS2 - 1.2008

WS3 - 1.1859

Trading Outlook:

The price broke below the level of 1.3000, so the bears enforced and confirmed their control over the market in the long term. The Cable is way below 100 and 200 WMA , so the bearish domination is clear and there is no indication of trend termination or reversal. The next long term target for bears is seen at the level of 1.1989. Please remember: trend is your friend.

Exchange Rates 19.05.2022 analysis

Sebastian Seliga
Analytical expert of InstaForex
© 2007-2024

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