GBPUSD Daily Analysis – May 9, 2018

GBPUSD failed to breakout of the falling trend line on its 4-hour chart, suggesting that the pair remains in the downtrend from 1.4376. Further decline could be expected and next target would be at 1.3400 area. Key resistance is now at 1.3595, only a breakout of this level could indicate that the downside movement had completed at 1.3484 already, then the pair would find next resistance level at around 1.3700.

GBPUSD 4-hour chart