GBPUSD Forex forecast for today – May 19, 2020

Yesterday’s trading had buyers push price a little above the weekly pivot breaking the 4 hour trendline.

It is too early to think that we are back to a bullish trend.

Not by far atleast.

We’ll get our trade ideas from live chart action.

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GBPUSD forecast for today.

gbpusd daily forecast today 19 May 2020
Chart of the GBPUSD forecast for today, May 19, 2020

In yesterday’s forecast I suggested that price could retrace to the weekly pivot – 1.21985 – for a correction before it continues with the downtrend.

The bears however were over powered as the bulls held price at the weekly pivot.

If the bulls continue to hold on to their strength, our most likely target is 1.23374 and above.

Alternative scenario

Bearish strength will have us back at 1.20596 and a scurried dash for levels below 1.2 – 1.19738 and 1.19127 are the most likely levels.

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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