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Forex Analysis:::2019-05-15

Forecast for GBP/USD on May 15, 2019

GBP/USD

Under the general pressure of the US dollar (0.16%), the British pound lost 52 points. Labor data in the UK were slightly worse than expected; the average wage in the 1st quarter added 3.2% against an expectation of 3.4%, the number of applications for unemployment benefits reached 24.7 thousand compared to the forecast of 24.2 thousand while the previous figure was 22.6 thousand, but the actual level of unemployment fell from 3.9% to 3.8%.

On the daily chart, the marlin oscillator has not yet penetrated deep into the decline territory, which implies a rather deep fall of the price, about 250 points, which is about 1.2660 - the target level we determined was a low on December 4 and August 15 of last year. But the nearest target of the pound is the range of 1.2772-1.2814, a low defined on February 14 and at most on December 31.

On the four-hour chart, the situation is steadily declining.

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photo
Laurie Bailey
Analyst InstaForex
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