GBP/USD Forecast May 18, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Wednesday, 18 May 2016 07:11 UTC
The GBP/USD pair initially tried to rally during the day on Tuesday, but found the area above the 1.45 level to be far too resistive. By doing so, we ended up forming a shooting star and it looks as if the supportive candle below will more than likely continue to fight as well. Quite frankly, it is consolidation that we are expecting, but a break above the top of the shooting star would be a very bullish sign. Ultimately though, it looks as if we will pullback in order to try to find a bit of momentum underneath to go higher.

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