GBP/USD Outlook (12 May 2021)
ByJin Dao Tai
MAY 12, 2021
Overall, GBP/USD is ranging across. Recently, GBP/USD bounced up from the key level of 1.40.
The UK Preliminary GDP q/q data (Forecast: -1.6%, Previous: 1.3% revised from 1.0%) will be released later at 1400 (SGT).
Bank of England Governor Bailey will be speaking later at 1700 (SGT). During this time, there may be volatility in GBP.
Currently, GBP/USD is moving towards the key level of 1.40. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500.
Look for buying opportunities of GBP/USD if it bounces up from the key level of 1.40.
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