GBPUSD Daily Analysis – May 4, 2018

GBPUSD extended its downside movement from 1.4376 to as low as 1.3537. Further decline is still possible after a minor consolidation and next target would be at 1.3400 area. Resistance is located at the falling trend line on the 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

GBPUSD 4-hour chart