GBP/USD forecast for May 21, 2015

May 21, 2015

General overview

The British pound was under pressure during the day. The CPI release showed the deflation for the first time since 1960. The Bank of England monetary policy minutes also do not promise dividends to the British pound- the monetary regulator has repeatedly stated about the deflation risks and also stated the fact that the strong pound had a negative impact on consumer prices.

The pound decline against the US dollar reached the strong support level of 1.5460. The pair rebounded upwards to 1.5550 and then it fell again.

The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is at 1.5670.

The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”.

The MACD histogram is in a negative territory. The price is decreasing.

Trading recommendations

We may expect the fall towards 1.5460 further on we expect a growth.

Publication source
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