empty
16.05.2025 05:21 AM
GBP/USD Forecast for May 16, 2025

On Thursday, the UK released strong GDP data but failed to spark noticeable activity in the currency market, as the growth came solely from the services sector. In Q1, GDP rose 0.7% and increased by 0.2% in March. However, industrial production experienced a contraction of 0.7% in March. This was also reflected in the trade balance, which posted a larger-than-expected deficit of -£19.87 billion versus the forecast of -£19.10 billion. The pound rose by 45 pips, mainly due to a 0.14% decline in the US Dollar Index.

This image is no longer relevant

The pound could have risen further, but it encountered technical resistance at 1.3311, which it had already attempted to break during the Asian session. The "Head and Shoulders" pattern on the Marlin oscillator has now fully formed. The oscillator's signal line has moved into positive territory. We expect the oscillator and the price to continue rising toward the nearest target at 1.3433. After that, the next objective will be 1.3545, the upper boundary of the price channel.

This image is no longer relevant

On the four-hour chart, the price rises above the balance and MACD lines, and the current candle has opened above the 1.3311 level. The Marlin oscillator rises in the positive zone, indicating an upward trend.

This trend could be broken, and the price could return to the support zone of 1.3184–1.3208—only if it consolidates below the MACD line around the 1.3260 level.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.