GBPUSD Daily Analysis – May 17, 2017

GBPUSD continued its sideways movement in a range between 1.2831 and 1.2988. The sideways movement is likely consolidation of the uptrend from 1.2365. Further rise could be expected after the consolidation and a break of 1.2988 resistance could signal resumption of the uptrend. Support is at 1.2831, only a breakdown below this level will indicate that the upward movement had completed at 1.2988 already, then the following pullback could bring price back to 1.2700 zone.

GBPUSD chart