GBPUSD Daily Analysis – May 4, 2020

GBPUSD broke below the rising trend line on the 4-hour chart, suggesting that the upside movement from 1.2246 had completed at 1.2642 already. Deeper decline would likely be seen and next target would be at 1.2200 area. Resistance is at 1.2647, only break above this level could trigger another rise towards 1.2900.

GBPUSD 4-hour chart