Technical analysis and trading recommendations for the GBPUSD currency pair as of May 14, 2018
May 15, 2018 3:22 am
After the significant downward movement, the GBP/USD currency pair approached the range level of 1.3440 (1.3440 / 1.3480), where it reach the support level and formed a slowdown in the form of a small flat 1.3480 / 1.3610. Now, we continue to move within the prescribed limits (1.3480 / 1.3610 and consistently working through the boundaries. It is possible to assume that the current stagnation will still remain in the market, but the extended fluctuation only delays the process of the shot. For these reasons, traders should clearly monitor the fixation beyond the borders and looking at the full picture, we could see that the “bearish” positions are overheated and the transition process of correction is not far off. In the event of fixing the price higher than 1.3620, we are likely to open the way to 1.3700 / 1.3750.
After the significant downward movement, the GBP/USD currency pair approached the range level of 1.3440 (1.3440 / 1.3480), where it reach the support level and formed a slowdown in the form of a small flat 1.3480 / 1.3610. Now, we continue to move within the prescribed limits (1.3480 / 1.3610 and consistently working through the boundaries. It is possible to assume that the current stagnation will still remain in the market, but the extended fluctuation only delays the process of the shot. For these reasons, traders should clearly monitor the fixation beyond the borders and looking at the full picture, we could see that the “bearish” positions are overheated and the transition process of correction is not far off. In the event of fixing the price higher than 1.3620, we are likely to open the way to 1.3700 / 1.3750.
Key Levels
Resistance – 1.3610 *; 1.3700; 1.4000 ***; 1.4240 *.
Support for 1.3440 **; 1,3300 *; 1,3000 ***.
* Periodic level
** Range level
*** Psychological level
Attention: Predictions are not a direct action to action!
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
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