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19.05.202218:24 Forex Analyse & Reviews: GBP/USD Forecast on 19th May

Exchange Rates 19.05.2022 analysis

GBP/USD has gained traction and climbed to its strongest level in two weeks near 1.2500. The weaker-than-expected macroeconomic data releases and falling US yields cause the dollar to stay under constant selling pressure, helping the pair push higher.

The Fibonacci 23.6% retracement of the downtrend that started on April 21 and the 100-period SMA on the four-hour chart form significant resistance at 1.2400. If that level stays intact, it could be seen as a bearish development and trigger a slide toward 1.2330 (50-period SMA) and 1.2300 (psychological level).

On the flip side, GBP/USD could target 1.2450 (static level, former support) and 1.2500 (psychological level, static level) in case 1.2400 is confirmed as support.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Jan Novotny,
Analytical expert of InstaSpot
© 2007-2024
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