GBPUSD Daily Analysis – May 15, 2018

GBPUSD continued its sideways movement in a trading range between 1.3459 and 1.3617. As long as 1.3617 resistance holds, the price action in the range could be treated as consolidation for the downtrend from 1.4376 and another fall towards 1.3400 is still possible after the consolidation. On the upside, a breakout of 1.3617 resistance would suggest that the downside movement had completed at 1.3459 already, then further rise to 1.3700 area could be seen.

GBPUSD 4-hour chart