GBPUSD Weekly Analysis – May 17, 2020

GBPUSD broke below 1.2160 support, suggesting that the rise from 1.1409 had completed at 1.2647 already. Deeper decline would likely be seen and next target would be at 1.1700 area. Near term resistance is at 1.2280, a break of this level could trigger another rise to test 1.2647 resistance.

GBPUSD daily chart