GBPUSD Daily Analysis – May 7, 2020

GBPUSD extended its downside movement from 1.2642 to as low as 1.2320. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.2246 support. On the upside, a breakout of the trend line resistance would indicate that the downside movement is complete, then another rise towards 1.2650 could be seen.

GBPUSD 4-hour chart