GBPUSD Daily Forecast: May 19

By @ibtimes on

GBPUSD  Forecast

The GBPUSD failed to continue its bullish bias yesterday, fell below 1.6164, bottomed at 1.6104 but traded higher earlier today in Asian session hit 1.6185. As long as price moves below the trend line resistance (white) price is still in a bearish phase since the fall from 1.6737 and I still prefer a bearish scenario at this phase, but another rejection to consistently move below 1.6164 could produce another upside attempt testing the trend line resistance and 1.6350 resistance area. From another perspective as you can see on my h4 chart below, we have a falling wedge bullish formation suggests potential upside warning especially if price breaks above the wedge and 1.6280 – 1.6305 resistance area testing the trend line resistance. A clear break above the trend line resistance and consistent move above 1.6350 could be a threat to the bearish outlook testing 1.6500. On the downside, another consistent move back below 1.6164/50 could produce another downside pressure testing 1.6100 and keep the bearish scenario targeting 1.6000 – 1.5970 remains strong.

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