GU 24/5/2020 (MIDAZ TRADING STRATEGIES)

GBPUSD

Last week we see inflation data and PMI a its worst, With trade talks with EU getting nastier, Easing of lockdown guideline was vague.
Death rate from covid19 is still at the high level.

4H bearish Gravestone Doji spotted hours before closing.
Pairs tried hard to surpass the 50SMA resistance but did not succeed.
Momentum have turn bearish.
1.2175 support did not hold , price close at days low range.
Net interest at -19k.

We see price fall further to form a double bottom at 1.208 ,if price opens below the consolidated week range.

Longer term view, we foresee a softer Brexit, With UK debt at its highest, futures are on the positive side of price.
Buying opportunities could arise next month when prices are at the low level.