GBPUSD Daily Analysis – May 30, 2018

GBPUSD extended its downside movement from 1.3617 to as low as 1.3204. Resistance is at the top trend line of the price channel on the 4-hour chart. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1.3000 area. Only a clear break above the channel resistance could signal completion of the downtrend.

GBPUSD 4-hour chart