GBPUSD Weekly Analysis – May 17, 2014

GBPUSD is facing the support of the price channel on daily chart. As long as the channel support holds, the uptrend from 1.4813 (Jul 9, 2013 low) could be expected to resume, and further rise to 1.7200 area is still possible. On the downside, a clear break below the channel support will signal completion of the uptrend, then the following downward movement could bring price back to 1.5000 zone.

gbpusd chart