GBP USD Chart Analysis May 2020 | Bulls Take Back Control?
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The GBP/USD chart saw its fair share of volatility yesterday, as the pair bounced between both the support and resistance levels. But as the US dollar has been losing its footing against a whole range of other currencies lately, we now see GBP USD trading in the upper end again.
This latest development surrounding the GBP USD chart was largely prompted by yesterday’s National Employment Report released by the ADP. Namely, the 22.6 unemployed Americans sent the dollar below the 100 level again, which naturally had its effect on the current GBP/USD analysis.
But there are other reports that are yet to be released that will further impact the GBP USD chart analysis, such as the Unemployment Rate report. Yesterday we saw GBP USD trading move wildly between the support and resistance levels at 1.2250 and 1.2650, respectively. But after the pair tested the support level, it got some material buyer support, which saw the GBP USD analysis rebound fairly rapidly.
What will this all translate to for GBP USD in 2020 from here on? Watch the full video for our detailed GBP USD forecast and dissection of the current GBP USD chart.
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