GBPUSD Weekly Analysis – May 4, 2014

GBPUSD’s upward movement from 1.4813 (Jul 9, 2013 low) extended to as high as 1.6918. Near term support is located at the lower line of the price channel on daily chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.7200 area. Key support is at 1.6465, only break below this level will indicate that the uptrend had completed, then the following downward movement could bring price back to 1.5500 zone.

gbpusd chart