GBPUSD Daily Analysis – May 16, 2017

GBPUSD failed to break below 1.2831 support and moved sideways in a trading range between 1.2831 and 1.2988. As long as 1.2831 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.2365, and further rise to 1.3100 area is still possible after the consolidation. On the downside, a breakdown below 1.2831 support will indicate that the uptrend had completed at 1.2988 already, then deeper decline to 1.2700 area could be seen.

GBPUSD chart