22.05.201503:52 Forex Analysis & Reviews: Technical analysis of GBP/USD for May 22, 2015

Long-term review

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Today traders eye on the BoE Carney's speech. We expect him to touch inflation and unemployment sectors, which are very sensible.

Technical view: The cable changed the direction from 1.5446 extending gains for the second day as well. At yesterday's session, the cable managed to close above 200D&ema. At all time frames, the cable favors buying. Support is found at 1.5590 and 1.5550. Until the pair closes above 1.5550, use dips to buy. At yesterday's session, we recommended buying above 1.5600 with targets at 1.5700. The cable made a high at 1.5700. Weekly resistance is seen at 1.5840. The fresh new bullish leg will be available in case the price closes above 1.5840. The trend-deciding level is found at 1.5155. The cable managed to hold the ascending trendline from a low of 1.4566. But the euro fell against USD below that. Traders are willing to buy the pound on dips against the euro. Intraday support is found at 1.5655. The bullish trade is available with sl 1.5645 with targets at 1.5700, 1.5720, and 1.5750 cmp 1.5670. Safe buying is advised above 1.5710. For bears, selling emerges below 1.5640 aiming at 1.5600, 1.5580, and 1.5525. Intraday panic will be ignited only below 1.5580.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com

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