GBPUSD Weekly Analysis – June 3, 2018

GBPUSD stays in a falling price channel on its daily chart and remains in the downtrend from 1.4376. As long as the channel resistance holds, the bounce from 1.3204 could be treated as consolidation for the downtrend and further decline to 1.2900 area is still possible after the consolidation. On the upside, a clear break above the channel resistance could bring the price back to 1.3450, followed by 1.3617, only break above these levels could signal completion of the downtrend.

GBPUSD daily chart