GBPUSD Daily Analysis – May 8, 2018

GBPUSD is facing the resistance of the falling trend line on the 4-hour chart. A clear break above the trend line resistance would suggest that the downside movement from 1.4376 had completed at 1.3486 already, then the following rally could bring price to 1.3800 area. However, as long as the trend line resistance holds, the bounce from 1.3486 could be treated as consolidation for the downtrend, and a breakdown below 1.3486 support could trigger further downside movement to 1.3400 area.

GBPUSD 4-hour chart