GBPUSD Daily Analysis – May 11, 2018

GBPUSD extended its downside movement from 1.4376 to as low as 1.3459. Key resistance is now at 1.3617. As long as this level holds, the sideways movement in a range between 1.3459 and 1.3617 could be treated as consolidation for the downtrend and further decline to 1.3400 area is still possible after the consolidation. On the upside, a breakout of 1.3617 resistance would confirm that the downside movement had completed at 1.3459 already, then the pair would find next resistance level at around 1.3700.

GBPUSD 4-hour chart