GBPUSD Daily Analysis – May 24, 2017

GBPUSD pair found resistance at the top of the price channel on 4-hour chart and pulled back into 1.2955 zone. Deeper decline would likely be seen and the target would be at the bottom support line of the channel. However, as long as the pair is in the channel, the pullback could be treated as consolidation of the uptrend from 1.2365 and another rise towards 1.3100 could be expected after the consolidation. Key support is at 1.2844, only a breakdown below this level will indicate that the uptrend had completed at 1.3047 already, then the following correction pullback could take price back into 1.2700 zone.

GBPUSD chart