GBPUSD Forex forecast for today – May 18, 2020

In the news, Bank of England is flirting with the idea of negative interest rates to save the economy from a recession.

While the US Trump administration has unfinished business with China, the trade war is back from the way things look.

What this means to a GBPUSD trader, is be ready for wild movements in either direction.

Trade with price action and pay attention to key support – resistance levels.

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GBPUSD forecast for today.

gbpusd daily forecast today 18 May 2020
Chart of the GBPUSD forecast for today, May 18, 2020

The bear march for prices below 1.2 should see us test 1.19738 and 1.19127.

Alternative scenario

If there is a correction, the weekly pivot level – 1.21985 – is a good place to see bears jump back in.

If the bulls manage to push price above the pivot, then we may test the 1.23374 resistance level.

Final remarks.

As we get in to a new week of trading, brace yourself for wild market movements as investors react to the fundamentals.

Trade responsibly.

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Happy trading.

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