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GBPUSD suffered major losses to end the week to the tune of 350 pips from its weekly high. This bearish momentum puts into question the sustainability of the rally that began in mid April.
However all hope is not lost for the bulls as the pair approaches a key support area between 1.4980 and 1.5050. On the other hand, the large bearish pin bar on the weekly chart suggests that this area may not be enough to keep prices elevated.
A daily close back below the 1.4980 level would be seen as extremely bearish and could trigger a move back to multi-year lows.
Note: Elections are scheduled for May 7th so expect increased volatility surrounding this event.
Summary: The mixed signals from last week combined with the upcoming elections have us sidelined for now.
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source
GBPUSD suffered major losses to end the week to the tune of 350 pips from its weekly high. This bearish momentum puts into question the sustainability of the rally that began in mid April.
However all hope is not lost for the bulls as the pair approaches a key support area between 1.4980 and 1.5050. On the other hand, the large bearish pin bar on the weekly chart suggests that this area may not be enough to keep prices elevated.
A daily close back below the 1.4980 level would be seen as extremely bearish and could trigger a move back to multi-year lows.
Note: Elections are scheduled for May 7th so expect increased volatility surrounding this event.
Summary: The mixed signals from last week combined with the upcoming elections have us sidelined for now.
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source
