GBPUSD Weekly Technical Forecast (25-29 May,2015) | May 24, 2015

Gbpusd is falling after forming bearish engulfing on daily chart. After some retrace this pair is continuing its bearish momentum. It is now looking for more down rally. Near term support area is staying on 1.5450 area. If it can break this level, then we can get rapid falling on this pair and target will be 1.5150 area. At the end of last week, it showed its strong bearish momentum after good data on USD. So we can stay on bearish side on this pair.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1.5858

Resistance One (R1): 1.5673

Pivot Point: 1.5559

Support One (S1): 1.5374

Support Two (S2): 1.526