GBPUSD Daily Analysis – May 7, 2018

GBPUSD continued its downside movement from 1.4376 and the fall extended to as low as 1.3486. As long as the price is below the falling trend line on the 4-hour chart, the bounce from 1.3486 could be treated as consolidation for the downtrend and further decline to 1.3400 area is still possible. Only a clear break above the trend line resistance could signal completion of the downtrend.

GBPUSD 4-hour chart