GBPUSD Forex Analysis for May 23rd 2019
Intraday bias in GBP/USD remains on the downside for the moment in 15 minutes time frame. Price action is falling down and stepping lower and Forex traders could easily notice that market is printing lower swing highs and lower swing lows. Vital area for sellers present at 1.2718, based on most recent swing high in fifteen minutes chart of GBPUSD.
CPI y/y news came out on Wednesday for the GBP with good numbers. Technically; bearish trend could take price action towards next support target at 1.2620. As the trend is still bearish, Forex traders should consider only short trades and no trade against the current GBPUSD bearish trend. However; a clear bullish break out in price action above 1.2718 vital resistance area will end the bearish momentum. Henceforth, currency traders may jump at the chance to stay out of the market and re-inspect the GBPUSD Spot Forex pair.
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