GBP/USD: Expected Move Below 1.216 Support Level
| May 16, 2022 04:47AM ET
Looking at GBP/USD chart, we can see its two attempts to break the 1.24 level and reverse the disastrous downtrend lasting for the past few weeks but with no success.
It rallied from the 1.2275 on May 10 to the 1.24 and found support at the 1.2325 range until May 12 when it attempted to break out from the 1.24 level once again. It failed to do so and what followed was a retraction well below the 1.2275 range, finding support at the 1.216 range. Early on today’s session, it climbed towards the 1.2275, now acting as overhead resistance, and managed to reach the 1.23 but no consolidation was made leading to the fall to the 1.224 where it was last found trading.
Today we can expect a move below the 1.216 support level.
If however, it manages to hold on to the current level, then we could expect a move close to the 1.2275 closest resistance level once again.
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