GBPUSD Daily Analysis – May 1, 2017

GBPUSD’s upward movement from 1.2756 extended to as high as 1.2965. Support is at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the upward movement could be expected to continue and next target would be at 1.3100 area. On the downside, a clear break below the channel support will indicate that the upward movement had completed at 1.2965 already, then deeper decline to 1.2800 area could be seen.

GBPUSD chart