The Week Ahead: Week of May 13, 2016

The Week Ahead: Week of May 13, 2016

15 May 2016, 10:06
Francis Dogbe
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The past two weeks have seen GBP/USD fall from its early May high around its 200-day moving average down to hit its 50-day moving average by Friday. The drop on Friday was pronounced, as the US dollar surged strongly while the pound remained pressured. In early May, GBP/USD hit a four-month high, approaching 1.4800-area resistance near the noted 200-day moving average, but then began its current downturn. That turn back to the downside was also from the resistance imposed by a key downtrend line extending back to the highs of last August. As of Friday, the currency pair had dropped to touch its 50-day moving average, hitting a critical ... READ MORE
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