For Traders

Analytical Reviews

Technical analysis

24.05.201917:32 Forex Analysis & Reviews: GBP/USD analysis for May, 24.05.2019

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 has been trading upwards. The price tested the level of 1.2117. Anyway, I found potential fake breakout of yesterday's high at 1.2684, which is sign that buying at this stage looks risky.

Red horizontal line – swing low support

Red horizontal line 2- Swing low support 2

White lines – Bolinger bands

GBp/USD did try to push higher but we found that bearish divergence on the Stochastic oscillator, which is sign for potential downside. Key intraday resistance is set at the price of 1.2716. Downward references are set at 1.2647 and 1.2606. Our advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.2647.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.