GBP/USD May 9-14 Outlook

It was quite a week last week. Bears had their full control on currency direction and I am sure lots of us made good money shorting.


Well, what about next?

We are going to analyze GBP/USD for you.

First thing which caught our eyes is the daily closing price of GBP/USD. If you look at our chart below you will see that GBP/USD closed at 1.4809 which is just above of 0.0% fib of 1.4785 (1.6867 Nov 16th High -1.4785 March 25th, Low).

Next, if it can stay above of that price then we think it will go higher. But breaking this level can take it down to as low as 1.37 (Jan 16th. close).

European problem is not settled yet and UK hung parliament also the reason for last week’s fallout.

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