Forecast for GBP/USD on May 16, 2019

GBP/USD

The British pound lost 62 points yesterday. There is not much left to reach the target range of 1.2772-1.2814. Taking into account the fact that the pound has dropped for the ninth session in a row, the probability of a correction from the target range is high. How deep it will be is not a trivial question. There are many record levels in front of the price, the main ones are highlighted in orange on the charts. However, we believe that in time the correction will be short-term. Upon its completion, we are waiting for the price to consolidate below the line of the price channel, which for convenience of perception is highlighted by thickening, and the GBP/USD to further decline in the medium term.

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