GBP/USD analysis for May, 23.05.2019

GBP/USD price has has been trading upside as we expected. The GBP tested the level of 1.2670. We are still expecting more upside on the GBP.

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Red horizontal line - horizontal resistance

White line- Bullish divergence line

The bullish divergence on the H4 time-frame did set the tone for the day. The price is now testing the medium Bollinger band at 1.2675. Our advice is to watch for potential breakout of the medium Bollinger to confirm further upward movement. Watch for potential test of 1.2743. Key support is set at the price of 1.2605.

The material has been provided by InstaForex Company - www.instaforex.com