13.05.2020
The pair is consolidating in a wide range of 1.2250–1.2555. Today it found support at 1.2250 amid the somewhat better UK economic statistics released today. Today, the market will be focused on Jerome Powell’s speech. If his outlook for the US economy is optimistic, and he clearly dismisses the possibility of negative interest rates by the Fed, the growth in demand for risk assets combined with the UK data may push the pair up.
Technical side:
The price is below the middle Bollinger band, above SMA 5, but still below SMA 14. RSI is below the 50% level and has turned up. Stoch are reversing in the oversold zone.
Trading recommendations:
Buy the pair after it goes above 1.2310 with a possible target of 1.1440, and with a possibility of a further growth up to 1.2655.
GBPUSD rate online: monitor the movement of the pair in real time.
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