GBP/USD Daily Forecast - 10 May

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Thursday, May 10 2018

GBP/USD Daily Forecast - 10 May

According to dailyforex.com, the British pound has gone back and forth during the day on Wednesday, showing signs of strength at one point, but then turning around to form a shooting star. The shooting star sits on top of a massive uptrend line that is crucial, and I think that if we break down a fresh, new lows of sensibly the 1.3475 handle, then the British pound will more than likely unwind quite a bit. We would then go to the 1.33 handle, and then the 1.30 level. The 200-day simple moving average is just above at the 1.3650 level, so if we broke above that level it would be a bullish sign.

However, it’s obvious that we are struggling to do so. I do believe that eventually we unwind quite a bit as the US dollar should see strength over the summer.

More in this category: « EUR/USD Daily Forecast - 9 May AUD/USD Daily Forecast - 11 May »

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