GBP/USD Forecast May 20, 2016, Technical Analysis

The GBP/USD pair initially rose during the session on Thursday, but found a lot of resistance above in order to form a shooting star, which is of course a negative sign. The pair looks likely to pullback at this point, but the 1.45 level should be supportive. This is another attempt to find momentum, but there could be a bit of rough going in the meantime. We aren’t interested in selling, and are waiting for a supportive candle below in order to buy at this point in time. A break above the shooting star would be a strong bullish sign as well.

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