GBP/USD Daily Forecast - 2 May

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Wednesday, May 02 2018

GBP/USD Daily Forecast - 2 May

According to dailyforex.com, the British pound has broken through the major trend line that I talked about yesterday, testing the 200 SMA. The 1.3650 level is supportive, but I think that if we can break down below the lows of the session on Tuesday, that sends this market much lower. This could have this pair going down to the 1.30 level longer term, but obviously will see the 1.35 level as support between here and there. If we rally, it’s not until we clear the 1.38 handle, then I think that the market could continue to go higher.

Remember, the 200-day SMA is vital for longer-term traders, so it does not surprise me that we have bounced a bit towards the end of the day. I think the jobs number on Friday will give us a longer-term and definite direction in this pair. Ultimately, breaking through this trend line is a very negative sign.

More in this category: « EUR/USD Daily Forecast - 1 May AUD/USD Daily Forecast - 3 May »

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