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18.05.201721:21 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 19, 2017

Long-term review

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The UK's upbeat figures released on Thursday provided support to GBP/USD, but in the American session it managed to erase the gains and turned negative, following a "flash crash" lived in a matter of seconds. Now, the pair is finding support at the 200 SMA (H1 chart), looking to resume the overall bullish bias. However, if it does a breakout below 1.2911, then it can extend the decline towards 1.2855.

H1 chart's resistance levels: 1.2957 / 1.2984

H1 chart's support levels: 1.2911 / 1.2855

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2957, take profit is at 1.2984 and stop loss is at 1.2928.

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