GBPUSD Daily Analysis – May 31, 2017

GBPUSD remains in downtrend from 1.3047, the rise from 1.2775 could be treated as consolidation of the downtrend. Further decline could be expected after the consolidation and next target would be at 1.2700 area. Resistance is at the bottom trend line of the price channel on the 4-hour chart now at around 1.2915, as long as this level holds, the downtrend will continue.

GBPUSD 4-hour chart