GBPUSD Forex forecast for today – May 4, 2020

Welcome to another week of market insights and commentary.

So far the USD is gaining in spite of the US GDP shrinking by 4.8% with unemployment soaring only compared to the 1930s.

This could be because the COVID-19 pandemic is affecting every economy in the world.

Last week I mentioned the weekly GDPUSD charts were signalling a big drop.

Is it starting? I don’t know.

But we shall keep looking at the charts for direction.

GBPUSD forecast for today.

gbpusd daily -forecast-today-4-May-2020
Chart of the GBPUSD forecast for today, May 4, 2020

We are bearish.

Our target are 1.2377, 1.2311 and 1.2263

Potential trade areas may present themselves after a reversal to 1.2485

Alternative scenario

A strong pound will see price test the 1.2593 resistance level.

Final remarks.

The overall outlook for May is a bearish GBPUSD where we should see price closing below 1.2

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