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16.05.201906:44 Forex Analysis & Reviews: Forecast for GBP/USD on May 16, 2019

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.

GBP/USD

The British pound lost 62 points yesterday. There is not much left to reach the target range of 1.2772-1.2814. Taking into account the fact that the pound has dropped for the ninth session in a row, the probability of a correction from the target range is high. How deep it will be is not a trivial question. There are many record levels in front of the price, the main ones are highlighted in orange on the charts. However, we believe that in time the correction will be short-term. Upon its completion, we are waiting for the price to consolidate below the line of the price channel, which for convenience of perception is highlighted by thickening, and the GBP/USD to further decline in the medium term.

Exchange Rates 16.05.2019 analysis

Exchange Rates 16.05.2019 analysis

Laurie Bailey
Analytical expert of InstaForex
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