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FX.co ★ GBP/USD analysis for May 18, 2020 - Due to falling wedge pattern in creation, watch for buying opportunities. Potential for test of 1.2235

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Forex Analysis:::2020-05-18T11:29:08

GBP/USD analysis for May 18, 2020 - Due to falling wedge pattern in creation, watch for buying opportunities. Potential for test of 1.2235

Corona virus summary:

GBP/USD analysis for May 18, 2020 - Due to falling wedge pattern in creation, watch for buying opportunities. Potential for test of 1.2235

Enforced quarantine measures at the UK border expected to be unveiled this week are to cover arrivals by sea, car and international rail, as well as air, the Guardian understands.Jamie Grierson, our home affairs correspondent, reports.

The prime minister, announcing the gradual easing of lock-down measures, served notice that quarantine would be imposed on air passengers arriving in the country.
But the plans, which are still being drawn up and are expected to be announced within days, are set to extend to all arrivals into the UK with a number of exemptions, reportedly including hauliers and Covid-19 research scientists.
Ministers have suggested travellers will be asked to quarantine for 14 days when they enter the UK, either in accommodation of their choice or provided by the government if there are no other options. An implementation date has not yet been announced.

Technical analysis:

GBP/USD has been trading upwards today. The price tested and rejected of the 1,2080 and started to rally. I see further upside movement towards the levels at 1,2235 and 1,2260.

Trading recommendation:

Analyst InstaForex
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