GBPUSD remains in uptrend from 1.2365, the fall from 1.2988 is likely consolidation of the uptrend. Near term support is at the bottom of the rising price channel on 4-hour chart. As long as the pair is in the channel, the uptrend could be expected to continue and next target would be at 1.3100 area. Key support is at 1.2831, only a breakdown below this level will indicate that the upward movement had completed at 1.2988 already, then the following downward movement could bring price to 1.2700 area.

gbpusd 4-hour chart

Source: http://www.forexcycle.com/short-term-forex-analysis/111056-gbpusd-daily-analysis-may-11-2017.html

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.