GBPUSD Price Analysis – May 6
The GBPUSD pair eventually broke down the consolidation stage of its Asian session and in the last few hours crashed to over one-week lows, along the 1.2360 marks. The initial reversal was motivated by some follow-up bullish activity in the US dollar, that stayed widely sustained by its position as the global reserve currency during a US-China dispute regarding the coronavirus’ roots.
Key Levels
Resistance Levels: 1.3514, 1.3050, 1.2647
Support Levels: 1.2247, 1.1792, 1.1409
GBPUSD Long term Trend: Ranging
Although the recovery from level 1.1409 is significant in the larger sense, there is no evidence of trend reversal currently. The downward trend from the level 2.1161 (high) may continue quite probably eventually.
The next medium to the long-term goal might be a forecast of 61.8 percent from 1.7190 to 1.1792 at 1.0273 levels from 1.3514 level. The pattern may stay bearish in either scenario as long as the resistance level of 1.3514 stays intact in the event of a significant recovery.
GBPUSD Short term Trend: Ranging
GBPUSD’s intraday bias stays neutral, as range trading persists. As long as 1.2247 support level remains unchanged, another advance is in support. A 1.2647 level breach may increase the advance from 1.1409 to 1.3200 levels of resistance.
On the contrary, a breach of 1.2247 support level may indicate a recovery from a 1.1409 level is achieved. Intraday bias may be altered back to the downside to re-test low level 1.1409.
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