Forecast for GBP / USD pair on May 3, 2019

GBP / USD pair

On the second attempt of the sterling pound, it could not go above the daily MACD line at1.3060, where it also met with resistance of the Fibonacci level of 38.2%. This is an important sign of a probable decline but not sufficient enough. First of all, the low volatility of the last two days, even after yesterday's meeting of the Bank of England, albeit neutral, attracts attention. The delay of inactivity forms of consolidation can trigger upward movement. Also, the oscillator Marlin on daily and H4 still remains in the growth zone. Today, important data on the US will be released with optimistic forecasts. New jobs outside the agricultural sector for April are expected to be 181 thousand while the average hourly wage is projected to increase by 0.3%. The business activity in the non-manufacturing sector from ISM is expected to be 57.2 against 56.1 in March. Perhaps, the data will help to overcome the market indecision and the British pound will continue to decline to the level of 1.2960 (March 11 minimum). A fixation on the said level will allow us to confidently expect a further decline in the British currency with targets of 1.2772-1.2814.

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