Riding the GBP/USD trend

On Thursday, we identified a short-term bearish trend in the GBP/USD pair. The trend continues.

Charts (6)

Riding the GBP/USD trend

Good afternoon, 

The US Dollar was bullish against all of its major pairs on Friday. On the economic data front, no major economic data was released. On Monday, the US Market will be closed to observe Memorial Day and no major economic data is expected.                                                          

The Euro was bearish against all of its major pairs. In Europe, the U.K. Office for National Statistics has reported April retail sales at -18.1% (vs -15.5% on month expected).

The Australian dollar was bearish against all of its major pairs.

GBP/USD declined 54 pips to 1.2169.

On Thursday, we identified ashort-term bearish trend in the GBP/USD pair. Our first target has been reached at the 1.2185 level. We now suggest a tighten of the stop-loss to the 1.221 resistance level as we aim for further pressure down towards 1.215 and 1.2125 support levels as the GBP/USD continues its bearish trend. 

Source: GAIN Capital, TradingView

Have a great weekend everyone.

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