GBPUSD Weekly Analysis – May 14, 2017

GBPUSD stays above the rising trend line on daily chart and remains in uptrend from 1.2109. As long as the pair is above the trend line, the fall from 1.2988 could be treated as consolidation of the uptrend, and further rise to 1.3500 area is still possible after the consolidation. On the downside, a clear break below the trend line support will indicate that the upward movement from 1.2109 had completed at 1.2988 already, then the following downward movement could bring price back to 1.2100 zone.

GBPUSD chart