GBPUSD Daily Analysis – May 19, 2017

GBPUSD’s upward movement from 1.2365 extended to as high as 1.3047. Further rise is still possible and next target would be at 1.3100 area. Near term support is at the bottom of the price channel on 4-hour chart, as long as the pair is in the channel, the upward movement could be expected to continue. Key support is at 1.2831, only a breakdown below this level will indicate that the upward movement had completed at 1.3047 already, then the following pullback could bring price back to 1.2700 zone.

GBPUSD chart