GBPUSD Daily Analysis – May 24, 2018

GBPUSD extended its downside movement from 1.3617 to as low as 1.3304. As long as the price is in the falling channel on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.3150 area. On the upside, a clear break of the top trend line of the price channel would suggest that corrective consolidation for the downside movement is underway, then the pair would find resistance at around 1.3550 area.

GBPUSD 4-hour chart