GBP/USD Daily Forecast - 7 May

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Monday, May 07 2018

GBP/USD Daily Forecast - 7 May

According to dailyforex.com, the British pound fell during the trading session on Friday after the jobs number came out in America, as we have sliced through a major uptrend line. The question now is whether we can continue to keep the bearish pressure of. I think that the 1.3650 level would have to be overtaken on a daily close to start buying, and in the meantime I would look at short-term rallies as selling opportunities at the first signs of exhaustion.

Otherwise, if we break down below the bottom of the candle for the trading session on Friday, then we should continue the downward pressure in this market, reaching down towards the 1.33 level, and then possibly the 1.3 level after that.

More in this category: « EUR/USD Daily Forecast - 4 May AUD/USD Daily Forecast - 8 May »

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