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12.05.202110:11 Forex Analysis & Reviews: Technical Analysis of GBP/USD for May 12, 2021

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 had made a new local high at the level of 1.4161 after the successful breakout from the consolidation zone. Since then the bulls are consolidating the recent gains around the 100% of Fibonacci projection located at the level of 1.4157.The local technical support is seen at the level of 1.4011 and 1.4000. The next target for bulls is located at the level of 1.4233. Please notice, the overbought market conditions are now showing some potential pullback towards the support might occur soon. The momentum remains strong and positive, which supports the short-term general bullish outlook for GBP.

Weekly Pivot Points:

WR3 - 1.4289

WR2 - 1.4152

WR1 - 1.4092

Weekly Pivot - 1.3948

WS1 - 1.3888

WS2 - 1.3734

WS3 - 1.3683

Trading Recommendations:

The daily time frame chart show the breakout above the trend line resistance and a new swing high above the recent consolidation zone located around 1.4000. The momentum is strong and positive, so the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).

Exchange Rates 12.05.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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