GBPUSD broke below 1.2864 support, indicating that the short term uptrend from 1.2756 had completed at 1.2965 already. Deeper decline could be seen in a couple of days, and next target would be at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.2965 would possibly be consolidation of the longer term uptrend from 1.2365, and another rise towards 1.3100 could be expected after the consolidation. Key support is at 1.2756, only break below this level could signal completion of the uptrend from 1.2365.

gbpusd 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/110857-gbpusd-daily-analysis-may-4-2017.html

One thought on “GBPUSD broke below 1.2864 support”

  1. Arlissa Thiedt says:

    Hey, like your idea about the continuation of the uptrend. It looks like the channel support has been updated to that area it’s been hovering around for the past eight hours. I’m bullish on this pair because it’s above the 200 EMA on the 4HR and D chart. Also, it looks like it just retraced its step a little before it heads back up. Not putting a trade on this pair just yet, because of the high volatility with the French election that caused it to gap upwards after the first round. I’m a beginner trader so I hope I’m able to help as well. Happy Trading!

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