GBPUSD Daily Analysis – May 29, 2017

GBPUSD broke below 1.2844 key support, indicating that the upside movement from 1.2365 had completed at 1.3047 already. Further decline could be expected after correction and next target would be at around 1.2650. Resistance is at the bottom trend line of the price channel on its 4-hour chart now at around 1.2900, followed by 1.3047, only break above these levels could trigger another rise towards 1.3350.

GBPUSD 4-hour chart