GBP/USD: main trend is still bullish

GBP/USD: main trend is still bullish


The main trend is still bullish, but the price is consolidating near the 34 Moving Average. It's likely that the market is going to test the nearest resistance at 1.3569 - 1.3505. This area could be a departure point for a decline in the direction of another support at 1.3519 - 1.3493.


The price is consolidating between the Moving Averages. The main intraday target is the nearest resistance at 1.3549 - 1.3569. However, if a pullback from this area forms little later on, there'll be a moment to have a downward price movement towards the next support at 1.3519 - 1.3493.




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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