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Technical analysis of GBP/USD for May 15, 2020
A general review:
The GBP/USD pair.
Trend: sideways trend.
The bias remains bearish in the nearest term testing 1.2202 or lower. Immediate support is seen around 1.2165.
This week, the GBP/USD pair didn’t make any significant movements yesterday. There are no changes in our technical outlook.
A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 1.2202, because in general, we remain bearish on May 15th, 2020.
Yesterday, the market moved from its bottom at 1.2165 and continued to rise towards the top of 1.2202.
On the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.2245 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 1.2245
Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1..2245 with the first target at 1.2165 so as to test the double bottom.
If the trend breaks the double bottom level of 1.2165, the pair is likely to move downwards continuing the development of a bearish trend to the level of 1.2080 in order to test the weekly support 2.
At the same time, the breakdown of 1.2278 will allow the pair to go further up to the levels of 1.2445 in order to retest the weekly pivot point again (blue line).
The material has been provided by InstaForex Company – www.instaforex.com
