GBP/USD: bears going to test nearest support

GBP/USD: bears going to test nearest support


The price is consolidating along the 55 Moving Average. It's likely that the pair is going to test support at 1.2945 - 1.2913 in the short term. However, if we see a pullback from these levels, bulls will probably try to reach resistance at 1.2995 - 1.3023.


There's a consolidation, which is taking place under resistance at 1.2988. The 34 Moving Average is acting as support. In this case, the market is likely going to decline towards the 89 Moving Average. If a pullback from this line happens, we should keep an eye on the next resistance at 1.2988 - 1.3023 as an intraday target.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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