GBPUSD Daily Analysis – May 4, 2017

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 chart