GBPUSD: Breakout of Key Level & Bearish Continuation

May 16, 2020

hey traders,

what a short rally on GBPUSD on Friday!

the price has surely broken below a major daily structure support level.

now we will expect a further decline to the next major levels:
1.20 level is 2019's structure low and I truly believe that it is the current goal for sellers.
1.19 level is 2016's structure low after brexit referendum/

pay close attention to these levels next week.

concerning trading recommendations, it is definitely too late to jump in.
the impulse is missed and it is very risky to short on current prices.
look for a pullback to a yesterday's broken structure to short.

good luck and have a great weekend!