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GBP/USD Weekly Forecast - 21 May - 25 May

Saturday, May 19 2018
GBP/USD Weekly Forecast - 21 May - 25 May

Since closing below 1.3600 on May 2, the GBPUSD has been limited to a 140 pip range with a floor at 1.3460.

This is the same range mentioned earlier; nothing has changed since then.

As such, here’s our analysis of May 13:

Those two levels, 1.3460 and 1.3600 give us a range to keep a close eye on for the week ahead. While we are not interested in trading the range, we will wait a daily close (New York 5 pm EST) below 1.3460 or above 1.3600.

A daily close below 1.3460 would expose the next key support at 1.3300. Alternatively, a close above 1.3600 would target the February and March lows at 1.3760.

The same idea applies to this week. Just remember that as a general rule, the longer a market consolidates, the more explosive the resulting breakout is likely to be.

Time will tell if the GBPUSD follows this rule or not.

More in this category: « AUD/USD Weekly Forecast - 21 May - 25 May EUR/USD Weekly Forecast - 21 May - 25 May »

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