FX.co ★ Technical analysis and trading recommendations for the GBP/USD currency pair as of May 23, 2018

As predicted in the previous review, the breakout shows a pullback from the range level of 1.3440 / 1.3480 that gave strength to the "bears" and further accelerates to the next value of 1.3300. This movement was quite expected and based on recommendation, setting orders below the breakdown of 1.3390 will open attractive short positions. Presently, we see a slowdown and under the price there is a good point of support which was already proven since last December. Is it worth talking about correction? Of course, but the "bearish" interest still prevails in the market, which is an obvious initial pullback or stagnation within the value of 1.3300. Considering this situation, we could break down into two variations, first is we wait for stagnation within the level while waiting for the possible point for entering the long. The second variation shows that after slight fluctuations, "bears" will still continue the "feast" and we are considering a clear fix below the level of 1.3300, where the prospects are 1.3180.

* The presented market analysis is informative and does not constitute a guide to the transaction.