Technical analysis and trading recommendations for the GBPUSD currency pair as of May 16, 2018

Source: Forex Analysis

The GBP/USD currency pair continues to oscillate in the side corridor 1.3440 / 1.3610, consistently working through the boundaries. For more than a week, we have been observing an uncertain trend after the pair moved closer to the 1.3440 / 1.3480 range, where it reached the support and slowed the downward movement. The range level keeps the “bears”, but as you can see, “bullish” interest is not enough to deploy the oversold pair, which results in this flat movement. It is probable that the current mood will be maintained, where the quotation is possible to go again to the upper boundary area of 1.3610.

It can be seen that the current flat was wide (170 points), but the stagnation after such flat would likely show impulses, so traders need to accurately track the fixation outside the border, where it would probably be the major trend.

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

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* 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