GBP Trading Outlook (18-05-2016)

Trade GBP/USD Intraday: bullish bias above 1.4420.

Pivot: 1.4420

Our preference: long positions above 1.4420 with targets @ 1.4495 & 1.4530 in extension.

Alternative scenario: below 1.4420 look for further downside with 1.4380 & 1.4335 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1.4570 ***
1.4530 ***
1.4495 ***
1.4455 Last
1.4420 ***
1.4380 ***
1.4335 ***

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