Daily analysis of GBP/USD for May 23, 2017

GBP/USD bulls lost momentum after reaching the resistance zone of 1.3038 and it seems that a consolidation is in place with a possibility to re-test the 200 SMA on H1 chart. However, the overall picture remains modestly bullish, despite the fact there are no new bullish patterns' formations across the board. MACD indicator is turning to the negative territory, favoring to the downside scenario in the short term.

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