GBPUSD Daily Analysis – May 12, 2017

GBPUSD is testing that support of the bottom of the ascending price channel on 4-hour chart and it is also facing the key support of 1.2831. A breakdown below 1.2831 key support will indicate that the upward movement from 1.2365 had completed at 1.2988 already, then the following pullback could bring price back to 1.2700 area. On the upside, as long as 1.2831 support holds, the fall from 1.2988 would possibly be consolidation of the uptrend, and another rise to 1.3100 area is still possible after the consolidation.

GBPUSD chart