GBPUSD Weekly Analysis – May 3, 2020

GBPUSD failed to break above 1.2647 resistance and stayed in a trading range between 1.2160 and 1.2647. As long as 1.2160 support holds, the uptrend from 1.1409 could be expected to resume, and further rise towards the falling trend line on the daily chart is possible. Only a breakdown below 1.2160 support would indicate that the upside movement had completed at 1.2647 already, then another fall towards 1.1400 could be seen.

GBPUSD daily chart