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GBP/USD: forecast for May 16 - 20

The British pound failed to fix above 1.4500 last week: the market formed a “doji” candle on Thursday and slipped below 1.4370 (local support) on Friday. Technically, the bears will stay in control below 1.4500. Break below the 1.4300 will likely trigger a new wave of selling.

UK economic calendar for the new week is rather eventful. Watch the UK CPI on Tuesday. Consumer inflation is expected to stay unchanged at 0.5% in April. On Wednesday, pay attention to the block of the UK labor market data. Jobless claims are expected to have slowed down to 4.1K in April – the news could be short-term bullish for the British pound. UK retail sales on Thursday will conclude the week, the forecast is upbeat as well. 

By Kira Iukhtenko

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