GBPUSD Forex forecast for today – May 8, 2020

It is the NFP Friday and banks are closed in the UK in observance of May Day.

This should be an interesting trading day.

Even though you trade based on price action, it is important to keep in mind the fundamentals that eventual move price long term.

Your odds of making money in fast moving markets are tipped in your favor if you trade with a broker with low trading costs and super fast trade execution. Try Tickmill and eToro for US citizens.

GBPUSD forecast for today.

gbpusd daily -forecast-today-8-May-2020
Chart of the GBPUSD forecast for today, May 8, 2020

There a lot of scenarios how price may play out today.

The forecasts are that the US shade 22 million jobs in April with Unemployment Rate shooting to 16%.

That’s bound to rattle the markets.

If we have that bad data, we may test 1.26606.

Though, buyers will shoot for any target above the daily pivot.

Alternative scenario

On the flip side, price can rush to 1.22027 – which happens to be a major support level on the daily charts.

Sellers, will also love to jump in and drag price to any of these levels

Final remarks.

This is one those trading days, that you either watch on the sidelines or be extremely cautious.

Don’t be someone’s lunch.

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Happy trading.

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