GBP/USD: bears going to test nearest support

Read the article on FBS website

18-5-2017-GBP-H4.png

The price is consolidating along the 55 Moving Average. It's likely that the pair is going to test support at 1.2945 - 1.2913 in the short term. However, if we see a pullback from these levels, bulls will probably try to reach resistance at 1.2995 - 1.3023.

18-5-2017-GBP-H1.png

There's a consolidation, which is taking place under resistance at 1.2988. The 34 Moving Average is acting as support. In this case, the market is likely going to decline towards the 89 Moving Average. If a pullback from this line happens, we should keep an eye on the next resistance at 1.2988 - 1.3023 as an intraday target.

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.